Chile: What the Upcoming Referendum Will Not Resolve
The polarization and uncertainty that has caused the economy’s decade-long underperformance will outlast the plebiscite.
Chile’s referendum on December 17 will reveal if voters back the second attempt at rewriting the constitution in as many years. According to polls, chances are that this new draft will not obtain more than 40-45% support, in which case the current constitution, which dates back to 1980—the Augusto Pinochet era—will remain in force. The country’s political divide will likely contribute to mostly “no” votes in the plebiscite. While an elected convention dominated by leftists drafted the first version rejected in 2022, this second iteration is the product of an elected council...
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