Chile is the poster child for extreme economic inequality in a developed country. I spent time there last year for my book (which has a chapter on Chile) and what I found hardest to understand is why there wasn't more political unrest. Now there

A few choice facts about Chile and inequality:

In Chile, the social security system is basically designed to redistribute wealth from the masses to the rich, because workers are required to put their savings into private investment funds that charge ridiculous fees.
The commitment to private industry runs deep. If the available water is sufficient either for drinking or growing avocados... well, you get the idea.
The result in Chile is two worlds, side by side.
And what is most remarkable is that, for the longest time, even the ostensibly left-wing parties were on board. Chile's socialists basically don't like socialism.
But it's been clear for a while that a younger generation in Chile wasn't willing to accept the status quo.
You can read more about Chile in my book, The Economists' Hour, which is the source of these excerpts. https://t.co/mnqodTTJqe

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Watch the entire discussion if you have the time to do so. But if not, please make sure to watch Edhem Eldem summarizing ~150 years of democracy in Turkey in 6 minutes (starting on 57'). And if you can't watch it, fear not; I've transcribed it for you (as public service). Thread:


"Let me start by saying that I am a historian, I see dead people. But more seriously, I am constantly torn between the temptation to see patterns developing over time, and the fear of hasty generalizations and anachronistic comparisons. 1/n

"Nevertheless, the present situation forces me to explore the possible historical dimensions of the problem we're facing today. 2/n

"(...)I intend to go further back in time and widen the angle in order to focus on the confusion I  believe exists between the notions of 'state', 'government', and 'public institutions' in Turkey. 3/n

"In the summer of 1876, that's a historical quote, as Midhat Pasa was trying to draft a constitution, Edhem Pasa wrote to Saffet Pasa, and I quote in Turkish, 'Bize Konstitusyon degil enstitusyon lazim' ('It is not a constitution we need but institutions'). 4/n

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