Before the Nitrate Era: British Commission Houses and the Chilean Economy, 1851–80

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Abstract
The years between the election of Manuel Montt as President of Chile in 1851 and the outbreak of the War of the Pacific in 1879 were years of considerable expansion in the Chilean economy despite occasional setbacks which were generally followed by renewed prosperity. Government activity assisted this growth: Montt's administration, in particular, passed laws and followed policies designed to help commerce and industry and to establish the infrastructure of a modern economy.1 However, the country's increased wealth came from greater production for export in the traditional economy, using largely traditional methods, rather than through technical innovations or the introduction of new industries. The export sector fuelled the republic's growth; not only did export receipts pay for imports, but they provided the guarantee for foreign loans, while the Government secured the bulk of its revenues from duties levied on exports and imports.

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