Great Depression Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! ===Chile=== {{Main|Great Depression in Chile}} The [[League of Nations]] labeled [[Chile]] the country hardest hit by the Great Depression because 80% of government revenue came from exports of copper and nitrates, which were in low demand. Chile initially felt the impact of the Great Depression in 1930, when GDP dropped 14%, mining income declined 27%, and export earnings fell 28%. By 1932, GDP had shrunk to less than half of what it had been in 1929, exacting a terrible toll in unemployment and business failures. Influenced profoundly by the Great Depression, many government leaders promoted the development of local industry in an effort to insulate the economy from future external shocks. After six years of government [[Austerity|austerity measures]], which succeeded in reestablishing Chile's creditworthiness, Chileans elected to office during the 1938–58 period a succession of center and left-of-center governments interested in promoting economic growth through government intervention. Prompted in part by the devastating [[1939 Chillán earthquake]], the [[Popular Front (Chile)|Popular Front]] government of [[Pedro Aguirre Cerda]] created the Production Development Corporation (Corporación de Fomento de la Producción, [[CORFO]]) to encourage with subsidies and direct investments an ambitious program of [[import substitution industrialization]]. Consequently, as in other Latin American countries, [[protectionism]] became an entrenched aspect of the Chilean economy. Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page