Chile’s Big Gamble Just Got Riskier
By
Patricio Navia
Investors are right to be concerned about the upcoming constitutional assembly.
If drafting a new constitution is like building a new home, Chileans voted last October to demolish their current dwelling, and this weekend they overwhelmingly chose many people with no prior construction experience to design and build the new one. Though many Chileans are happy to leave behind the 1980 constitution adopted under military rule, they might be overestimating the benefits and underestimating the risks of a constitution-writing process that will formally begin in about a month. Because there is an extensive record of disappointing constitution writing processes in Latin...
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