Money and politics in Chile,1878-1925

Abstract

The study examines the checkered history of Chile's currency and finances from the collapse of the bimetallic coinage in 1878 to the establishment of the Central Bank in 1925. The protracted debate between the supporters of inconvertible paper money and partisans of the Gold Standard was one of the major features of Chilean oligarchic politics in this period. Developments are related to broader political and social trends and to the position of Chile in the international economy.After setting the scene by describing the country and its financial system in the 1870s, the study examines the chronological development of monetary policy. The role of President Balmaceda and the immediate post-civil war governments receives special attention. A description of Chilean politics in the parliamentary era is the background to post-1891 developments. In the early 20th century emphasis is placed on the interrelation between monetary policy and inflation and the early growth of labour protest and organisation.The nature and role of the two sides in the debate within the oligarchy, the papeleros and the oreros, is then examined. The traditional interpretation of the papeleros, with its emphasis on farming /debtor interests, is questioned. The part played by foreign, chiefly British, interests and their domestic allies in the Chilean ruling class is also assessed, as is the role of the important native banking sector. Finally, the study considers the longer-term relevance to later developments of Chile's early experience of debate about monetary policy and inflation.

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