Coincidentally, the market price of copper crashed in 1970 and stayed low until 1973, when it spiked. Compare https://qht.co/item?id=24260354 or https://qht.co/item?id=23908438 . Now I'm curious: does anyone have an example of a reform/revolution lucky enough to be selling exports into a rising market?
(Mid-1980s conservative economic reform in the US might be an example, although in that case I suspect the Plaza Accord had more to do with it than pure market forces:
https://qht.co/item?id=23219277 )
From what I understand, the economic revolution / experiment in Chile was abruptly ended due to political forces, not market forces.
Basically, any socialist (sympathizing) government during the under a US magnifying glass. Oil money went into funding far-right fascist / military groups, which eventually caused turmoil in a variety of industries, including a steel worker’s strike.
The entire CyberSyn operation was conducted on a series of glorified typerwriters—-at the time, they were the only computers that the Chilean government could purchase, due to sanctions.
If the US had stopped strangling the nascent Chilean economy, then it would have been better positioned to handle social turmoil and competing political interests.
Instead, on September 11th, 1973, far right militias backed by US money raided Allende’s central command—-he ended up committing suicide rather than ending up a political prisoner.
(Sorry if this was a bit unrelated to the initial reply—it just bugs me how removed from actual market forces these economies are operating in. I feel like it doesn’t matter what you are exporting—-if the US wanted it post-WW2, they came in and took it).
(Mid-1980s conservative economic reform in the US might be an example, although in that case I suspect the Plaza Accord had more to do with it than pure market forces: https://qht.co/item?id=23219277 )