Chile’s outgoing president, Sebastián Piñera, leaves office this week with the unwelcome distinction of leading the most unpopular government in the Latin American country since the fall of strongman Augusto Pinochet. The first right-wing president since Chile’s transition to democracy, Piñera leaves behind a stable and growing economy, with unemployment at just 6 percent, and a treasury rich with profits from the nation’s lucrative copper industry. So where did it all go wrong?
The third son of a middle-class family, Piñera rose to become a multibillionaire after stints in academia at Harvard and various Chilean universities. His $2.4 billion fortune is mainly the result of his introduction of credit cards to Chile in the late 1970s, profits he subsequently invested into a number of companies, including LAN Airlines, Chile’s popular Colo-Colo football team and lucrative media enterprises.
An advocate for compassionate conservatism, throughout his business career, Piñera created a series of charitable organizations, aimed at assisting young women from low-income backgrounds, obtaining justice for the victims of the dictatorship and preserving Chile’s national parks and nature reserves.
Piñera also took the courageous step of openly declaring that he had voted against Pinochet staying in power in the 1988 plebiscite, refusing to hide behind the secret ballot. (more…)