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91-664: A partnership led by John Thomas North, a prominent British investor, became interested in Chile ’s expanding nitrate industry, and founded the Bank of Tarapacá and London in 1888; Chile had annexed the Peruvian Province of Tarapacá in 1883, at the conclusion of the War of the Pacific . Later, the bank added the coffee and cocoa business to its interests. A part of the vast financial network supporting

182-485: A bi-metallic 500 peso coin in 2000. Coins currently in circulation are in denominations of 1, 5, 10, 50, 100, and 500 pesos; however, as of 2016 the value of the peso has depreciated enough that most retailers and others tend to use prices that are multiples of 10 pesos, ignoring smaller amounts. The 1 peso coin is rare. On 26 October 2017 the Mint stopped producing 1 and 5 peso coins, and started accepting those coins directly at

273-449: A free market economy that saw an increase in domestic and foreign private investment, although the copper industry and other important mineral resources were not opened to competition. In a plebiscite on 5 October 1988, Pinochet was denied a second eight-year term as president (56% against 44%). Chileans elected a new president and the majority of members of a bicameral congress on 14 December 1989. Christian Democrat Patricio Aylwin ,

364-645: A national referendum in April 2020 regarding the creation of a new Constitution, later postponed to October due to the COVID-19 pandemic . On 25 October 2020, Chileans voted 78.28 per cent in favor of a new constitution, while 21.72 per cent rejected the change. Voter turnout was 51 percent. An election for the members of the Constitutional Convention was held in Chile between 15 and 16 May 2021. On 19 December 2021,

455-578: A parliamentary style democracy. However, the Civil War had also been a contest between those who favored the development of local industries and powerful Chilean banking interests, particularly the House of Edwards which had strong ties to foreign investors. Soon after, the country engaged in a vastly expensive naval arms race with Argentina that nearly led to war, as well because of the Puna de Atacama dispute . After

546-558: A plurality of votes in a three-way contest, followed by candidates Radomiro Tomic for the Christian Democrat Party and Jorge Alessandri for the Conservative Party. Allende was not elected with an absolute majority, receiving fewer than 35% of the votes. The Chilean Congress conducted a runoff vote between the leading candidates, Allende and former president Jorge Alessandri, and, keeping with tradition, chose Allende by

637-614: A campaign of domestic political and economical destabilization, some of which was backed by the United States. By early 1973, inflation was out of control. On 26 May 1973, Chile's Supreme Court, which was opposed to Allende's government, unanimously denounced Allende's disruption of the legality of the nation . Although illegal under the Chilean constitution, the court supported and strengthened Pinochet's soon-to-be seizure of power. A military coup overthrew Allende on 11 September 1973. As

728-469: A large variety of climates and landscapes. It contains 756,950 square kilometers (292,260 sq mi) of land area. It is situated within the Pacific Ring of Fire . Excluding its Pacific islands and Antarctic claim, Chile lies between latitudes 17° and 56°S , and longitudes 66° and 75°W . Chile is among the longest north–south countries in the world. If one considers only mainland territory, Chile

819-414: A leftist candidate, the 35-year-old former student protest leader Gabriel Boric , won Chile's presidential election to become the country's youngest ever leader. On 11 March 2022, Boric was sworn in as president to succeed outgoing President Sebastian Piñera. Out of 24 members of Gabriel Boric's female-majority Cabinet, 14 are women. On 4 September 2022, voters rejected the new constitution proposal in

910-572: A letter dated 12 November 1821, expressing his plan to conquer Guayaquil , the Galapagos Islands , and the Philippines . There were preparations, but the plan did not push through because O'Higgins was exiled. Chile slowly started to expand its influence and to establish its borders. By the Tantauco Treaty, the archipelago of Chiloé was incorporated in 1826. The economy began to boom due to

1001-689: A majority of the shares to the Anglo-South American. With the acquisition, the Bank now controlled branches in Argentina (in Buenos Aires, Mendoza , and Bahía Blanca ), Bolivia , Central America , Colombia , Cuba , Ecuador , Mexico , Peru , Uruguay , and Venezuela . In 1926, the Bank took over the Commercial Bank's branches in Central America, Colombia, Ecuador, and Venezuela. In 1920

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1092-540: A period of almost 24 hours, an effort that was carried on live television around the world. 2019–20 Chilean protests are a series of country-wide protests in response to a rise in the Santiago Metro 's subway fare, the increased cost of living , privatization and inequality prevalent in the country. On 15 November, most of the political parties represented in the National Congress signed an agreement to call

1183-527: A period of major reform. Under the slogan "Revolution in Liberty", the Frei administration embarked on far-reaching social and economic programs, particularly in education, housing, and agrarian reform , including rural unionization of agricultural workers. By 1967, however, Frei encountered increasing opposition from leftists, who charged that his reforms were inadequate, and from conservatives, who found them excessive. At

1274-694: A prolonged struggle, including infighting from Bernardo O'Higgins , who challenged Carrera's leadership. Intermittent warfare continued until 1817. With Carrera in prison in Argentina, O'Higgins and anti-Carrera cohort José de San Martín , hero of the Argentine War of Independence , led an army that crossed the Andes into Chile and defeated the royalists. On 12 February 1818, Chile was proclaimed an independent republic . The political revolt brought little social change, however, and 19th-century Chilean society preserved

1365-490: A reformist president, Arturo Alessandri , whose program was frustrated by a conservative congress. In the 1920s, Marxist groups with strong popular support arose. A military coup led by General Luis Altamirano in 1924 set off a period of political instability that lasted until 1932. Of the ten governments that held power in that period, the longest lasting was that of General Carlos Ibáñez del Campo , who briefly held power in 1925 and then again between 1927 and 1931 in what

1456-445: A strong appreciation against the Chilean peso, among the reasons was the very strong drop in the raw material of Copper, in addition to political and economic instability due to the rise of the cost of living reaching its highest level in 20 years of 2-digit inflation of 14.1%, also due to uncertainty about the arrival of the 2022 Chilean constitutional referendum that would take place a few months later between approval and rejection and

1547-476: A stylized version of the angel from the Pinochet-era 10 pesos coin. Guitarist Slash , who personally chose the image, claimed he had no idea of the significance of it at the time. Between 1974 and 1979, the Chilean peso was allowed to float within a crawling band . From June 1979 to 1982 the peso was pegged to the United States dollar at a fixed exchange rate. In June 1982, during that year's economic crisis ,

1638-731: A vote of 153 to 35. Frei refused to form an alliance with Alessandri to oppose Allende, on the grounds that the Christian Democrats were a workers' party and could not make common cause with the right wing. An economic depression that began in 1972 was exacerbated by capital flight , plummeting private investment, and withdrawal of bank deposits in response to Allende's socialist program. Production fell and unemployment rose. Allende adopted measures including price freezes, wage increases, and tax reforms, to increase consumer spending and redistribute income downward. Joint public-private public works projects helped reduce unemployment. Much of

1729-515: Is Santiago , and the national language is Spanish . Spain conquered and colonized the region in the mid-16th century, replacing Inca rule , but failed to conquer the independent Mapuche people who inhabited what is now south-central Chile. Chile emerged as a relatively stable authoritarian republic in the 1830s after their 1818 declaration of independence from Spain . During the 19th century, Chile experienced significant economic and territorial growth, putting an end to Mapuche resistance in

1820-453: Is a reference to the color of one hundred pesos banknote issued between 1933 and 1959. Depending on context, a gamba might mean one hundred pesos or one hundred thousand pesos. For instance a new computer might be said to cost two gambas . This means two hundred thousand pesos. Less commonly, this applies to luca , taken to mean one million, usually referred to as palo . The cover of the 2007 Velvet Revolver album Libertad features

1911-417: Is also the historical center from which Chile expanded in the late 19th century when it integrated the northern and southern regions. Southern Chile is rich in forests, grazing lands, and features a string of volcanoes and lakes. The southern coast is a labyrinth of fjords, inlets, canals, twisting peninsulas, and islands. The Andes Mountains are located on the eastern border. Chilean peso The peso

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2002-430: Is now Chile. The next Europeans to reach Chile were Diego de Almagro and his band of Spanish conquistadors , who came from Peru in 1535 seeking gold. The Spanish encountered various cultures that supported themselves principally through slash-and-burn agriculture and hunting. The conquest of Chile began in earnest in 1540 and was carried out by Pedro de Valdivia , one of Francisco Pizarro 's lieutenants, who founded

2093-652: Is present-day Chile. Settlement sites from very early human habitation include Monte Verde, Cueva del Milodón and the Pali-Aike Crater 's lava tube . The Incas briefly extended their empire into what is now northern Chile, but the Mapuche (or Araucanians as they were known by the Spaniards) successfully resisted many attempts by the Inca Empire to subjugate them, despite their lack of state organization. They fought against

2184-601: Is suspended under the terms of the Antarctic Treaty , of which Chile is a signatory. It is the world's southernmost country that is geographically on the mainland. Chile controls Easter Island and Sala y Gómez Island, the easternmost islands of Polynesia, which it incorporated to its territory in 1888, and the Juan Fernández Islands , more than 600 km (370 mi) from the mainland. Also controlled but only temporarily inhabited (by some local fishermen) are

2275-415: Is the currency of Chile . The current peso has circulated since 1975, with a previous version circulating between 1817 and 1960 . Its symbol is defined as a letter S with either one or two vertical bars superimposed prefixing the amount, $ or [REDACTED] ; the single-bar symbol, available in most modern text systems, is almost always used. Both of these symbols are used by many currencies, most notably

2366-405: Is unique within this group in its narrowness from east to west, with the other long north–south countries (including Brazil, Russia, Canada, and the United States, among others) all being wider from east to west by a factor of more than 10. Chile also claims 1,250,000 km (480,000 sq mi) of Antarctica as part of its territory ( Chilean Antarctic Territory ). However, this latter claim

2457-589: The British Empire , it was an overseas bank with its head office in London , and the bulk of its operations abroad. By the turn of the century, the bank was looking for opportunities outside Chile. It was interested in Buenos Aires , but four British banks were already there, which meant that a new entrant would have difficulty breaking into the market. The Bank of Tarapaca and London therefore decided that it would buy

2548-508: The Maule river in 1812, but did not include the indigenous population or the inhabitants of the province of Chiloé. The population is estimated at 210,567, 86.1% of whom were Spanish or of European descent, 10% of whom were indigenous and 3.7% of whom were mestizos, blacks and mulattos . A 2021 study by Baten and Llorca-Jaña shows that regions with a relatively high share of North European migrants developed faster in terms of numeracy , even if

2639-690: The Pacific Alliance , and joined the OECD in 2010. There are various theories about the origin of the word Chile . According to 17th-century Spanish chronicler Diego de Rosales , the Incas called the valley of the Aconcagua Chili by corruption of the name of a Picunche tribal chief ( cacique ) called Tili , who ruled the area at the time of the Incan conquest in the 15th century. Another theory points to

2730-587: The Republic of Chile , is a country in western South America . It is the southernmost country in the world and the closest to Antarctica , stretching along a narrow strip of land between the Andes Mountains and the Pacific Ocean . Chile had a population of 17.5 million as of the latest census in 2017 and has a territorial area of 756,102 square kilometers (291,933 sq mi), sharing borders with Peru to

2821-493: The United States dollar , and may be ambiguous without clarification, such as CLP$ or US$ . The ISO 4217 code for the present peso is CLP . It was divided into 100 centavos until 31 May 1996, when the subdivision was formally eliminated (requiring payments to be made in whole pesos). In July 2024, the exchange rate was around CLP940 to US$ 1. The current peso was introduced on 29 September 1975 by decree 1,123, replacing

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2912-640: The constitutional referendum , which was put forward by the left-leaning Constitutional Convention . On 17 December 2023, voters rejected a second new constitution proposal in a new constitutional referendum , written by the conservative-led Constitutional Council . A long and narrow coastal Southern Cone country on the west side of the Andes Mountains , Chile stretches over 4,300 km (2,670 mi) north to south, but only 350 km (217 mi) at its widest point east to west and 64 km (40 mi) at its narrowest point east to west, with an average width of 175 km (109 mi). This encompasses

3003-452: The escudo at a rate of 1 peso for 1,000 escudos. This peso was subdivided into 100 centavos until 1984. In 1975, coins were introduced in denominations of 1, 5, 10, and 50 centavos and 1 peso. The 1, 5, and 10 centavo coins were very similar to the 10, 50, and 100 escudo coins they replaced. Since 1983, inflation has left the centavo coins obsolete. 5 and 10 peso coins were introduced in 1976, followed by 50 and 100 peso coins in 1981 and by

3094-412: The military dictatorship in Chile (1973–1990) ended, the obverse designs of the 5 and 10 peso coins were changed. Those coins had borne the image of a winged female figure wearing a classical robe and portrayed as if she had just broken a chain binding her two hands together (a length of chain could be seen hanging from each of her wrists); beside her appear the date of the coup d'état Roman numerals and

3185-418: The 10,000 and 20,000 peso notes are still printed on cotton paper . All new notes have the same 70 mm (2.8 in) height, while their length varies in 7 mm (0.28 in) steps according to their face values: the shortest is the 1000-peso note and the longest is the 20,000-pesos. The new notes are substantially more difficult to falsify because of new security measures. The design and production of

3276-467: The 1000-peso (in June, 1978), 5000-peso (June, 1981), 10,000-peso (June, 1989), 2000-peso (December, 1997), and 20,000-peso (December, 1998) notes. The 5, 10, 50, 100, and 500-peso banknotes have been replaced by coins, leaving only the 1000, 2000, 5000, 10,000, and 20,000 peso notes in circulation. Redesigned versions of the four highest denominations were issued in 2009 and 2010. The popular new 1000-peso banknote

3367-399: The 1880s and gaining its current northern territory in the War of the Pacific (1879–83) by defeating Peru and Bolivia. In the 20th century, up until the 1970s, Chile underwent a process of democratization and experienced rapid population growth and urbanization , while relying increasingly on exports from copper mining to support its economy . During the 1960s and 1970s, the country

3458-805: The Anglo-South American. In 1936, the Anglo-South American went into liquidation. Its chief rival, the Bank of London and South America (BOLSA) then took over many of its operations. Banco A. Edwards, for instance, continued as a BOLSA subsidiary, and was acquired by Midland Bank in 1987; these were, in turn, acquired by HSBC Bank Argentina in 1997, and Edwards' Chilean operations (its last by that name) were merged into Banco de Chile in 2001. 34°36′24.3″S 58°22′20.5″W  /  34.606750°S 58.372361°W  / -34.606750; -58.372361 Chile Chile ( / ˈ tʃ ɪ l i / CHIL -ee or / ˈ tʃ ɪ l eɪ / CHIL -ay , Spanish: [ˈtʃile] ), officially

3549-797: The Bank acquired a minority stake in Commercial Bank of Spanish America , acquiring control in 1917, but operating it separately. The Commercial Bank traced its ancestry through the Cortés Commercial and Banking Company back to Banco de Nicaragua , founded in Managua in 1888. The Banco de Nicaragua was engaged in financing the coffee trade. The bank registered in England in 1893, changing its name to London Bank of Central America . In 1891, Banco Particular de El Salvador (est. 1885 in El Salvador ), merged with

3640-569: The Bank took over the British Bank of South America , and 60 per cent of the shares of a private banking firm, Banco de A. Edwards y Cía. , in Chile. The British Bank of South America traced its origins back to 1862, when it began as the Brazilian and Portuguese Bank . It changed its name in 1866 to the English Bank of Rio de Janeiro . In 1891, its directors sold the bank to local investors and used

3731-542: The December 2017 presidential election . On 27 February 2010, Chile was struck by an 8.8 M w earthquake , the fifth largest ever recorded at the time. More than 500 people died (most from the ensuing tsunami ) and over a million people lost their homes. The earthquake was also followed by multiple aftershocks. Initial damage estimates were in the range of US$ 15–30 billion, around 10% to 15% of Chile's real gross domestic product. Chile achieved global recognition for

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3822-552: The Earth". Another origin attributed to chilli is the onomatopoeic cheele-cheele —the Mapuche imitation of the warble of a bird locally known as trile . The Spanish conquistadors heard about this name from the Incas, and the few survivors of Diego de Almagro 's first Spanish expedition south from Peru in 1535–36 called themselves the "men of Chilli". Ultimately, Almagro is credited with

3913-813: The Popular Unity platform also called for nationalization of Chile's major copper mines in the form of a constitutional amendment. The measure was passed unanimously by Congress. As a result, the Richard Nixon administration organized and inserted secret operatives in Chile, in order to swiftly destabilize Allende's government. In addition, US financial pressure restricted international economic credit to Chile. The economic problems were also exacerbated by Allende's public spending, financed mostly through printing money, and by poor credit ratings given by commercial banks. Simultaneously, opposition media, politicians, business guilds and other organizations helped to accelerate

4004-678: The Sapa Inca Tupac Yupanqui and his army. The result of the bloody three-day confrontation known as the Battle of the Maule was that the Inca conquest of the territories of Chile ended at the Maule river . In 1520, while attempting to circumnavigate the globe, Ferdinand Magellan discovered the southern passage now named after him (the Strait of Magellan ) thus becoming the first European to set foot on what

4095-522: The Spanish monarchy (in memory of this day, Chile celebrates its National Day on 18 September each year). After these events, a movement for total independence, under the command of José Miguel Carrera (one of the most renowned patriots) and his two brothers Juan José and Luis Carrera , soon gained a wider following. Spanish attempts to re-impose arbitrary rule during what was called the Reconquista led to

4186-692: The War of the Pacific, Chile became a Naval Power in the Americas, even sending a ship in protests in the Panama crisis of 1885 against the United States intervention in the then Colombian territory. The United States and Chile had the Baltimore crisis which almost became a war as Chile was a potential threat to the intentions of hegemony from the United States in the Western Hemisphere. In 1902 Chile and Argentina received

4277-470: The armed forces bombarded the presidential palace , Allende apparently committed suicide. After the coup, Henry Kissinger told U.S. president Richard Nixon that the United States had "helped" the coup. In 1970, when Allende was first elected, Henry Kissinger had stated "I don't see why we need to stand by and watch a country go Communist due to the irresponsibility of its own people". A military junta, led by General Augusto Pinochet , took control of

4368-621: The banking sector was nationalized . Many enterprises within the copper , coal, iron, nitrate , and steel industries were expropriated , nationalized, or subjected to state intervention. Industrial output increased sharply and unemployment fell during the Allende administration's first year. Allende's program included advancement of workers' interests, replacing the judicial system with "socialist legality", nationalization of banks and forcing others to bankruptcy, and strengthening "popular militias" known as MIR. Started under former President Frei,

4459-660: The branch there of London Bank of Central America under the name Banco Salvadoreño ; today, this bank is HSBC El Salvador, SA , part of the HSBC group. In 1904 the London Bank of Central America merged with the firm of Enrique Cortés and Company and became the Cortés Commercial and Banking Company. Eventually, in 1911, the Board of Directors changed the name to the Commercial Bank of Spanish America. Its landmark Argentine headquarters, in

4550-543: The candidate of a coalition of 17 political parties called the Concertación , received an absolute majority of votes (55%). President Aylwin served from 1990 to 1994, in what was considered a transition period. In December 1993, Christian Democrat Eduardo Frei Ruiz-Tagle , the son of previous president Eduardo Frei Montalva, led the Concertación coalition to victory with an absolute majority of votes (58%). Frei Ruiz-Tagle

4641-559: The city of Santiago on 12 February 1541. Although the Spanish did not find the extensive gold and silver they sought, they recognized the agricultural potential of Chile's central valley, and Chile became part of the Spanish Empire . Conquest took place gradually, and the Europeans suffered repeated setbacks. A massive Mapuche insurrection that began in 1553 resulted in Valdivia's death and

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4732-472: The coins. Worth about US$ 0.09 each at the time, the faulty coins became collectors' items. In 1976, banknotes were introduced in denominations of 5, 10, 50, and 100 pesos with the reverses of the two lowest denominations resembling those of the 5000- and 10,000-escudo notes they replaced. Inflation has since led to the issue of much higher denominations. Five-hundred-peso notes were introduced in May, 1977, followed by

4823-506: The colony in addition to the Mapuche, as was shown by Sir Francis Drake 's 1578 raid on Valparaíso, the colony's principal port. Chile hosted one of the largest standing armies in the Americas, making it one of the most militarized of the Spanish possessions, as well as a drain on the treasury of the Viceroyalty of Peru . The first general census was conducted by the government of Agustín de Jáuregui between 1777 and 1778; it indicated that

4914-730: The command of John Williams Wilson , the Magallanes Region started to be controlled by country in 1843 , while the Antofagasta Region , at the time in dispute with Bolivia , began to fill with people. After the Chilean Civil War of 1829–1830 in which the conservatives won, under the Joaquín Prieto Administration, the Chilean Constitution of 1833 was written and put into effect with high influence from

5005-408: The country to renounce to its claims in the rest of East Patagonia after a dispute that started in 1842 . As a result of the War of the Pacific with Peru and Bolivia (1879–83), Chile expanded its territory northward by almost one-third, eliminating Bolivia's access to the Pacific, and acquired valuable nitrate deposits, the exploitation of which led to an era of national affluence. Chile had joined

5096-731: The country, several hundred committed Chilean revolutionaries joined the Sandinista army in Nicaragua , guerrilla forces in Argentina or training camps in Cuba , Eastern Europe and Northern Africa. In the late 1980s, largely as a result of events such as the 1982 economic collapse and mass civil resistance in 1983–88, the government gradually permitted greater freedom of assembly, speech , and association, to include trade union and political activity. The government launched market-oriented reforms with Hernán Büchi as Minister of Finance. Chile moved toward

5187-446: The country. The years of the regime were marked by human rights violations . Chile actively participated in Operation Condor . In October 1973, at least 72 people were murdered by the Caravan of Death . According to the Rettig Report and Valech Commission , at least 2,115 were killed, and at least 27,265 were tortured (including 88 children younger than 12 years old). In 2011, Chile recognized an additional 9,800 victims, bringing

5278-520: The destruction of many of the colony's principal settlements. Subsequent major insurrections took place in 1598 and in 1655. Each time the Mapuche and other native groups revolted, the southern border of the colony was driven northward. The abolition of slavery by the Spanish crown in 1683 was done in recognition that enslaving the Mapuche intensified resistance rather than cowing them into submission. Despite royal prohibitions, relations remained strained from continual colonialist interference. Cut off to

5369-444: The discouraging economic figures in China led the dollar to exceed the figure of 1000 pesos for the first time in its history, reaching a price of more than 1050 pesos per dollar; after that, the Central Bank of Chile carried out its largest exchange intervention in the market, intervening on Thursday, July 14, 2022, for an amount of up to US$ 25,000 million starting on Monday, July 18, 2022 and until September 30. of 2022. During 2023,

5460-415: The discovery of silver ore in Chañarcillo, and the growing trade of the port of Valparaíso, which led to conflict over maritime supremacy in the Pacific with Peru. At the same time, attempts were made to strengthen sovereignty in southern Chile intensifying penetration into Araucanía and colonizing Llanquihue with German immigrants in 1848. Through the founding of Fort Bulnes by the Schooner Ancud under

5551-405: The end of his term, Frei had not fully achieved his party's ambitious goals. In the 1970 election, Senator Salvador Allende of the Socialist Party of Chile (then part of the " Popular Unity " coalition which included the Communists, Radicals, Social-Democrats, dissident Christian Democrats, the Popular Unitary Action Movement, and the Independent Popular Action), achieved a partial majority in

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5642-420: The essence of the stratified colonial social structure, which was greatly influenced by family politics and the Roman Catholic Church . A strong presidency eventually emerged, but wealthy landowners remained powerful. Bernardo O'Higgins once planned to expand Chile by liberating the Philippines from Spain and incorporating the islands. In this regard he tasked the Scottish naval officer, Lord Thomas Cochrane, in

5733-419: The first rightist President in 20 years, defeating former President Eduardo Frei Ruiz-Tagle of the Concertación , for a four-year term succeeding Bachelet. Due to term limits, Sebastián Piñera did not stand for re-election in 2013, and his term expired in March 2014 resulting in Michelle Bachelet returning to office. Sebastián Piñera succeeded Bachelet again in 2018 as the President of Chile after winning

5824-454: The heart of the Buenos Aires financial district , was designed by British architects Paul Bell Chambers and Louis Newbery Thomas in 1912. The ornate building, designed in the Academic style that characterized numerous Argentine bank buildings at the time, was completed in 1920, and is known as the Palacio de la Reconquista for its 46 Reconquista Street address. World War I hurt the Commercial Bank, leading many of its shareholders to sell

5915-413: The mint to exchange for larger denomination. On 1 November 2017 commercial entities began rounding off amounts for payment in cash, rounding down for amounts ending in 1 through 5 pesos, rounding up for amounts ending in 6 through 9 pesos. Electronic transactions and cheques are not affected. This change has affected various charities which had programs to accept donations at the cash register. Right after

6006-440: The north by desert, to the south by the Mapuche, to the east by the Andes Mountains, and to the west by the ocean, Chile became one of the most centralized, homogeneous territories in Spanish America. Serving as a sort of frontier garrison , the colony found itself with the mission of forestalling encroachment by both the Mapuche and Spain's European enemies, especially the English and the Dutch . Buccaneers and pirates menaced

6097-402: The north, Bolivia to the northeast, Argentina to the east, and the Drake Passage to the south. The country also controls several Pacific islands, including Juan Fernández , Isla Salas y Gómez , Desventuradas , and Easter Island , and claims about 1,250,000 square kilometers (480,000 sq mi) of Antarctica as the Chilean Antarctic Territory . The capital and largest city of Chile

6188-433: The overall number of migrants was small. This effect might be related to externalities : the surrounding population adopted a similar behavior as the small non-European immigrant group, and new schools were created. Ironically, there might have been positive spillover effects from the educational investment made by migrants, at the same time numeracy might have been reduced by the greater inequality in these regions. However,

6279-402: The peso was devalued and different exchange rate regimes were used. In August 1984 the peso returned to a system of crawling bands, which were periodically adjusted to reflect differences between external and internal inflation. Starting in September 1999, the Chilean peso was allowed to float freely against the United States dollar for the first time. Chile's Central Bank , however, reserved

6370-402: The population consisted of 259,646 inhabitants: 73.5% of European descent , 7.9% mestizos , 8.6% indigenous peoples and 9.8% blacks. Francisco Hurtado, Governor of the province of Chiloé , conducted a census in 1784 and found the population consisted of 26,703 inhabitants, 64.4% of whom were whites and 33.5% of whom were natives. The Diocese of Concepción conducted a census in areas south of

6461-401: The positive effects of immigration were apparently stronger. In 1808, Napoleon's enthronement of his brother Joseph as the Spanish King precipitated the drive by Chile for independence from Spain . A national junta in the name of Ferdinand – heir to the deposed king – was formed on 18 September 1810. The Government Junta of Chile proclaimed an autonomous government for Chile within

6552-641: The proceeds to found a new bank, the British Bank of South America. It conducted operations in Brazil and Argentina, where it had branches in Buenos Aires and Rosario . Agustín Edwards Ossandón had founded Banco de A. Edwards y Cía in 1867; it issued banknotes in Chilean pesos and also pounds sterling . In the late 1920s and early 1930s the development of synthetic nitrates and the Great Depression harmed business for

6643-547: The result from the arbitral award of the Andes resolved by the British Crown . In 1903 the Puna de Atacama dispute was solved. In 1904 Chile and Bolivia signed a Treaty of Peace and Friendship which clarified the border between both countries. The Chilean economy partially degenerated into a system protecting the interests of a ruling oligarchy . By the 1920s, the emerging middle and working classes were powerful enough to elect

6734-657: The right to intervene, which it did on two occasions to counter excessive depreciation: the first, in August and September 2001, coincided with Argentina 's convertibility crisis and with the September 11 attacks in the United States. The second, in October 2002, was during Brazil 's presidential election . During the first months of the Presidency of Gabriel Boric , the US dollar began to have

6825-647: The similarity of the valley of the Aconcagua with that of the Casma Valley in Peru, where there was a town and valley named Chili . Other theories say Chile may derive its name from a Native American word meaning either 'ends of the earth' or 'sea gulls'; from the Mapuche word chilli , which may mean 'where the land ends'" or from the Quechua chiri , 'cold', or tchili , meaning either 'snow' or "the deepest point of

6916-475: The small islands of San Ambrosio and San Felix . These islands are notable because they extend Chile's claim to territorial waters out from its coast into the Pacific Ocean. The northern Atacama Desert contains great mineral wealth, primarily copper and nitrates . The relatively small Central Valley, which includes Santiago, dominates the country in terms of population and agricultural resources. This area

7007-636: The smallest of the British banks, the Anglo-Argentine Bank , which had been established in 1889 and which had a branch in Buenos Aires and another in Montevideo , Uruguay . The Bank of Tarapacá and Argentina carved out a niche in business with Belgium , cooperating with Belgian banks and securing accounts from Belgian firms. It also had a branch in Germany and gained an account at the Bank of England . In 1910,

7098-590: The stand as one of the high-income countries in South America by 1870. On 9 September 1888, Chile took possession of Easter Island by the signing of a mutual will agreement with the local king, thanks to the efforts of the Bishop of Tahiti, Monsignor José María Verdier since the island was constantly attacked by slave merchants. The naval officer Policarpo Toro represented the Chilean Government and Atamu Tekena

7189-523: The successful rescue of 33 trapped miners in 2010. On 5 August 2010, the access tunnel collapsed at the San José copper and gold mine in the Atacama Desert near Copiapó in northern Chile, trapping 33 men 700 meters (2,300 ft) below ground. A rescue effort organized by the Chilean government located the miners 17 days later. All 33 men were brought to the surface two months later on 13 October 2010 over

7280-448: The total number of killed, tortured or imprisoned for political reasons to 40,018. At the national stadium, filled with detainees, one of those tortured and killed was internationally known poet-singer Víctor Jara (see "Music and Dance", below). A new Constitution was approved by a controversial plebiscite on 11 September 1980, and General Pinochet became president of the republic for an eight-year term. After Pinochet obtained rule of

7371-506: The triple minister Diego Portales . Two other civil wars happened in Chile in the 1850s, one in 1851 and the other one in 1859 . Toward the end of the 19th century, the government in Santiago consolidated its position in the south by the Occupation of Araucanía . The Boundary treaty of 1881 between Chile and Argentina confirmed Chilean sovereignty over the Strait of Magellan but also made

7462-575: The universalization of the name Chile , after naming the Mapocho valley as such. The older spelling "Chili" was in use in English until the early 20th century before switching to "Chile". Stone tool evidence indicates humans sporadically frequented the Monte Verde valley area as long as 18,500 years ago. About 10,000 years ago, migrating Indigenous peoples settled in fertile valleys and coastal areas of what

7553-702: The whole new family of banknotes was assigned to the Australian company Note Printing Australia Ltd for the 1000, 2000 and 5000 peso notes, and the Swedish company Crane AB for the 10,000 and 20,000 peso notes Colloquial Chilean Spanish has informal names for some banknotes and coins. These include luca for a thousand pesos, quina for five hundred pesos ( quinientos is Spanish for "five hundred"), and gamba ("prawn") for one hundred pesos (or more recently 100,000 pesos). These names are old: For example, gamba and luca applied to 100 and 1000 escudos before 1975. The term gamba

7644-448: The word LIBERTAD (Spanish for "liberty"). After the return of democracy, a design with the portrait of Bernardo O'Higgins was adopted. In 2001, a newly redesigned 100-peso coin bearing the image of a Mapuche woman began to circulate. In February, 2010, it was discovered that on the 2008 series of the 50 peso coins the country name CHILE had been misspelled as CHIIE . The national mint said that it did not plan to recall

7735-519: Was a de facto dictatorship (although not really comparable in harshness or corruption to the type of military dictatorship that have often bedeviled the rest of Latin America). By relinquishing power to a democratically elected successor, Ibáñez del Campo retained the respect of a large enough segment of the population to remain a viable politician for more than thirty years, in spite of the vague and shifting nature of his ideology. When constitutional rule

7826-470: Was issued on 11 May 2011. Since September 2004, the 2000-peso note has been issued only as a polymer banknote ; the 5000-peso note began emission in polymer in September 2009; and the 1000-peso note was switched to polymer in May, 2011. This was the first time in Chilean history that a new family of banknotes was put into circulation for other cause than the effects of inflation. As of January 2012 , only

7917-422: Was marked by severe left-right political polarization and turmoil, which culminated in the 1973 Chilean coup d'état that overthrew Salvador Allende 's democratically elected left-wing government . This was followed by a 16-year right-wing military dictatorship under Augusto Pinochet , which resulted in more than 3,000 deaths or disappearances . The regime ended in 1990, following a referendum in 1988 , and

8008-627: Was restored in 1932, a strong middle-class party, the Radicals, emerged. It became the key force in coalition governments for the next 20 years. During the period of Radical Party dominance (1932–52), the state increased its role in the economy. In 1952, voters returned Ibáñez del Campo to office for another six years. Jorge Alessandri succeeded Ibáñez del Campo in 1958, bringing Chilean conservatism back into power democratically for another term. The 1964 presidential election of Christian Democrat Eduardo Frei Montalva by an absolute majority initiated

8099-601: Was succeeded by a center-left coalition , which ruled until 2010. Chile is a developing country with a high-income economy and is one of the most economically and socially stable nations in South America. Chile also performs well in the region in terms of sustainability of the state and democratic development. Chile is a founding member of the United Nations , the Community of Latin American and Caribbean States (CELAC), and

8190-647: Was succeeded in 2000 by Socialist Ricardo Lagos , who won the presidency in an unprecedented runoff election against Joaquín Lavín of the rightist Alliance for Chile . In January 2006, Chileans elected their first female president, Michelle Bachelet Jeria , of the Socialist Party, defeating Sebastián Piñera , of the National Renewal party, extending the Concertación governance for another four years. In January 2010, Chileans elected Sebastián Piñera as

8281-526: Was the head of the Council of Rapanui. The Rapa Nui elders ceded sovereignty, without renouncing their titles as chiefs, the ownership of their lands, the validity of their culture and traditions and on equal terms. The Rapa Nui sold nothing, they were integrated in equal conditions to Chile. The 1891 Chilean Civil War brought about a redistribution of power between the President and Congress, and Chile established

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