1. This period is characterized by high social costs;September: A new currency, the peso, replaces the escudo. 1976: Chile withdraws from the Andean Pact. Late 1970s: An economic recovery occurs,1975
2. December: Aylwin, the candidate of the center-left Concertaci�n party, is elected for a four-year term with 55% of the vote;Monetary policy tightens, and real interest rates increase by 1.9%. March: Aylwin assumes presidency,1990