Since Chile’s leftist President Gabriel Boric took office, hopes that he will usher in sweeping change have evaporated rapidly. The latest disappointment came earlier this month, when the committee charged with replacing Chile’s outdated dictatorship-era constitution approved a draft that would make the country more conservative.
Chileans have once again dealt President Gabriel Boric a major setback, handing an overwhelming victory to the right-wing opposition in a vote for a new Constitutional Council. The outcome all but ensures that Chile’s next constitution will fail to bring about the progressive changes Boric and his supporters had envisioned.
Over the past two decades, Chile has been a place where businesses can operate in a regulatory environment shaped by steady and fair rules, while Argentina’s extensive regulations on prices, taxes and capital controls have made business difficult. However, when it comes to the lithium industry, that narrative has just been flipped.