• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
PoliticsSouth American economies

Chile’s new millennial leftist president is presiding over a vote on a new constitution to replace the one inherited from a dictatorship, and top economists love it

By
Colin Lodewick
Colin Lodewick
Down Arrow Button Icon
By
Colin Lodewick
Colin Lodewick
Down Arrow Button Icon
August 15, 2022, 1:09 PM ET
Chilean President Gabriel Boric supports the adoption of the new constitution.
Chilean President Gabriel Boric supports the adoption of the new constitution.Nathalia Angarita—Bloomberg/Getty Images

In just a few weeks, Chileans will vote on whether to reject a constitution established during the military dictatorship of Augusto Pinochet. They might replace it with a new, progressive one with climate change and economic equality at its heart. 

That new constitution has earned praise for its potential to undo half a century of privatization and expand women’s stake in the economy since it was first presented in July. Now a coalition of renowned economists have thrown their support behind it. 

“We, economists and social scientists from around the world, commend the Chilean constitutional convention and the visionary document it has produced to secure sustainable growth and shared prosperity for Chile,” wrote the group in a letter shared last week.

Among the 43 signees are Mariana Mazzucato, a professor at University College London and director of UCL’s Institute for Innovation and Public Purpose; Thomas Piketty, a professor at the School for Advanced Studies in the Social Sciences, the Paris School of Economics, and the London School of Economics; and Jayati Ghosh, chair of the Centre for Economic Studies and Planning at Jawaharlal Nehru University in New Delhi.

In the letter, the economists argue that Chile’s proposed constitution, if adopted, has the potential to serve as a model for other progressive governments. “We believe that the new constitution sets a new global standard in its response to crises of climate change, economic insecurity, and sustainable development,” the group wrote.

The vote on the constitution, set for Sept. 4, comes after several years of unrest in the country and the December election of millennial leftist President Gabriel Boric, who won against conservative José Antonio Kast, leader of Chile’s far-right Republican Party. Boric supports adoption of the new constitution.

The country’s existing constitution, adopted seven years into Pinochet’s reign in 1980, has been amended multiple times in an effort to make it more democratic. The new constitution represents an entirely clean break from the dictator’s socioeconomic legacy.

The economists highlight several of the proposed constitution’s specific policy areas in their letter. The document, they wrote, would improve gender equality in the country by recognizing “care work, social reproduction, and women’s health as fundamental to the prospects of the economy.” They also focus on its provisions for expanded government social services.

Referencing how different countries have recovered from the pandemic, they wrote: “By establishing new institutions for the provision of universal public services like education, health, and social security, Chile successfully applies the lessons of recent history that show the importance of these services for both short-term economic resilience and long-term economic growth.”

They also focus on the proposed constitution’s provisions for tax policy reform, workers’ rights protections, and the expanded jurisdiction of Chile’s central bank.

“Taken together, we believe that the constitution creates a legal framework that will succeed to prepare Chile for a new century of equitable growth, with provisions to attract investment, protect financial stability, and promote development for all Chileans,” the economists wrote.

The ratification of the new constitution, however, is anything but certain. Recent polls show the document’s public approval rating hovering around 30%, with many voters undecided.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.

About the Author
By Colin Lodewick
See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
Fortune Secondary Logo
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

trump
LawDonald Trump
Voting tech firm Smartmatic seeks to dismiss money laundering charge as part of Trump’s ‘campaign of retribution’ after 2020 election loss
By The Associated Press and Joshua GoodmanMarch 10, 2026
20 minutes ago
Middle Eastchief executive officer (CEO)
‘It’s so impossible to live with’: Former Goldman Sachs CEO Blankfein says the Iran war won’t last long
By Marco Quiroz-GutierrezMarch 10, 2026
1 hour ago
PoliticsDepartment of Transportation
Trump fires NTSB member who calls it a ‘political hit job,’ leaving crash board short-staffed amid 1,000+ probes
By The Associated Press and Josh FunkMarch 10, 2026
1 hour ago
EconomyMiddle East
Saudi Aramco CEO issues stark warning: Iran war could bring ‘catastrophic’ shock to global oil
By Tristan BoveMarch 10, 2026
2 hours ago
This photograph taken in Le-Perreux-sur-Marne, outside Paris on February 9, 2026 shows undated pictures provided by the US Department of Justice on January 30, 2026 as part of the Jeffrey Epstein files
C-SuiteJeffrey Epstein
How Jeffrey Epstein pulled Bill Gates and Microsoft into a web of sex, money, and secrets
By Eva Roytburg and Jim EdwardsMarch 10, 2026
2 hours ago
LawDeath
Alabama Gov. opts not to execute a man who didn’t kill anyone
By The Associated Press and Kim ChandlerMarch 10, 2026
2 hours ago

Most Popular

placeholder alt text
Real Estate
Billionaires Elon Musk and Mark Zuckerberg used mortgages to buy multimillion-dollar mansions. Here’s why that’s a savvy financial decision
By Sydney LakeMarch 9, 2026
1 day ago
placeholder alt text
Energy
Trump promised to fill America’s oil reserves ‘right to the top.’ A year later, oil has exceeded $100 and they’re still less than 60% full
By Tristan BoveMarch 9, 2026
1 day ago
placeholder alt text
Middle East
Like Trump, Iran’s new supreme leader is a real estate mogul, with a house on ‘Billionaires’ Row,’ a villa in Dubai, and upscale European hotels
By Jason MaMarch 9, 2026
1 day ago
placeholder alt text
Investing
Oracle is under pressure from more than $100 billion in debt and massive layoffs as it pushes ahead with Larry Ellison's 3-step transformation 
By Amanda GerutMarch 9, 2026
18 hours ago
placeholder alt text
Personal Finance
Current price of gold as of March 9, 2026
By Danny BakstMarch 9, 2026
1 day ago
placeholder alt text
Personal Finance
Current price of silver as of Monday, March 9, 2026
By Joseph HostetlerMarch 9, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.