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Pinochet moved Chile into a market economy, privatizing many inefficient government businesses, and opening the country to foreign investment. The stability that his government gave encouraged foreign investors to come to Chile. He also started one of the first [[private pension accounts]] pension systems in the world, which has been highly successful.
Pinochet moved Chile into a market economy, privatizing many inefficient government businesses, and opening the country to foreign investment. The stability that his government gave encouraged foreign investors to come to Chile. He also started one of the first [[private pension accounts]] pension systems in the world, which has been highly successful.
Using its leverage over Pinochet to curtail Chilean human rights abuses, the US simultaneously pressured Chile to introduce a series of economic reforms, a process that escalated sharply in the eighties. This led to a period of rapid economic expansion and development without precedent in Latin America, in which growth averaged 7% annually, that came to be known as the "''miracle of Chile''" (it also included the region's greatest reductions in infant mortality<ref>Nick Eberstadt, The Poverty of Communism (Transaction Publishers, 1990), pp188,
196-206, 240-6, in which he discusses living standards in [[Communist]] [[Cuba]] versus Pinochet's Chile.</ref>). In turn, this allowed Chile to make a long-term transition to sustainable democratic rule that would likely have been otherwise inconcievable.<ref>http://www.lyd.com/noticias/violencia/what_really.html</ref>
As promised, President Pinochet held another plebiscite in October 1988 on the issue of whether he should continue as president. He was defeated by a vote of 55-43%, and subsequent free elections were won by the [[Christian]] Democrat Patricio Aylwin, who was installed as president on March 11, 1990.
As promised, President Pinochet held another plebiscite in October 1988 on the issue of whether he should continue as president. He was defeated by a vote of 55-43%, and subsequent free elections were won by the [[Christian]] Democrat Patricio Aylwin, who was installed as president on March 11, 1990.