From wikipedia: The nationalized Chilean mines were kept under state control after Pinochet's 1973 Chilean coup d'état, despite the junta's pro-U.S. leanings, and this is still the case, largely because of public sentiment and because Codelco is a major contributor to the Chilean Exchequer. Codelco pays income tax, all dividends go to the government and it also pays a 10% tax on the export value of copper products and associated byproducts according to Law 13,136.
You mean that he would keep the funds from the mines rolling in to settle national debt or whatever, and then present that balance as a result of cost cutting in the public sphere?
From wikipedia: The nationalized Chilean mines were kept under state control after Pinochet's 1973 Chilean coup d'état, despite the junta's pro-U.S. leanings, and this is still the case, largely because of public sentiment and because Codelco is a major contributor to the Chilean Exchequer. Codelco pays income tax, all dividends go to the government and it also pays a 10% tax on the export value of copper products and associated byproducts according to Law 13,136.
I see, thanks. So why didn't they privatize them? Because Pinochet wanted the profits for his own government?
To prove austerity works.
You mean that he would keep the funds from the mines rolling in to settle national debt or whatever, and then present that balance as a result of cost cutting in the public sphere?
To keep the country functioning and to show the world that austerity works.
thanks for working it out with me comrade, time to push back in my Globalization class :marx-ok:
No worries. Let me know if you need more assistance