ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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COTTON-Deceptive Estimates

from an air of celebration to one of protest demonstrations, demanding the resignation of Pinochet. But the general will remain in office till March 1990 to preside over parliamentary and presidential elections in December 1989. There is apprehension that the armed forces may not respect the result and there may be a military crackdown. However, preserving the present social, economic and political framework is fundamental for the ruling power elite. A Christian Democrat-led coalition government will keep intact the profound socio-economic changes since 1973. The economy has acquired a diversified export orientation (exports constitute 30-33 per cent of GDP); exports, besides copper, include non-metallic minerals, forestry (timber), fruit, wine and salmon. The compradore bourgeoisie has become very powerful and the transnational are well entrenched in key sectors like mining and important branches of services and industry. Between 1982 and 1988, foreign direct investment was of the order of $ 3.8 billion, 51 per cent in mining, 23 per cent in services and 22 per cent in industry. Foreign debt is presently $ 18.5 billion with a debt service ratio of 30 per cent. The state civilian bureaucracy has been cut down to size. Even health and pension funds have been privatised. The latter is a key intervener in the capital markets.

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