Chile recently became the first South American country to join the Organization for Economic Co-Operation and Development, an organization dedicated to helping governments take on the economic, social and governance challenges of a globalized economy. While there are conflicting studies on the varied backgrounds of the Chilean people, it is safe to say the country is a multiethnic society. Despite a majority Caucasian populous, many indigenous peoples thrive along Chile’s unique geographical layout, preserving rural traditions. This diversity has been acknowledged and preserved through annual festivals and celebrations. Chile enjoys the highest degree of economic freedom in South America – even outranking the United States and making them a global leader in economic freedom. The country’s rapidly declining poverty level is a sign of increased marketability, as it works toward building a middle-class.
Influences and Considerations
Chile takes a great deal of pride in its long history, impressive geography, unique culture, and its religious and indigenous roots. Chileans are always ready to celebrate in their warm, open and fun-loving culture. A U.S. foreign marketer would have little trouble adapting to the Chilean market, with its nearly non-existent cultural imperatives. One of the most challenging elements is the Chilean tendency toward collectivism, resulting in strong cohesive societal groups. Unlike the U.S. business climate, a relatively small number of individuals and families control a large percentage of Chilean businesses. The Chilean government has created a high degree of competition through free trade agreements with Europe, China, India, and North America. This integration with key international markets has earned Chile the only A+ credit rating in South America and fuels its drive to privatize much of its infrastructure. While the country has generally recovered from the international financial and economic trouble of 2008-2009,...