Abstract: This article analyzes the political economy of credit, drawing on emerging legal scholarship that questions the neoclassical economic view of money as a neutral tool and central banks as institutions in charge of price stability, operating solely on technical grounds. In stark contrast, the experience of Chile’s socialist Unidad Popular government (1970-1973) is a case where the attempt to transform the sources of monetary creation and assert public control over credit and the banking system received intense opposition that tested the limits of legality. The Chilean path to socialism envisioned a revolutionary transformation within the framework of the rule of law. Early successes in reshaping the monetary structure—leveraging private law mechanisms such as freedom of contract, private property rights, and the legal powers granted under the presidential system—ultimately precipitated a constitutional crisis, foreshadowing the military coup on September 11, 1973. In revisiting this pivotal period, this paper draws on the insights of the constitutional theory of money that emphasizes its political dimensions and the crucial role of law in shaping the economic and social orders. ; Este artículo analiza la economía política del crédito, apoyándose en la literatura jurídica emergente que cuestiona la perspectiva economicista y neoclásica del dinero como una herramienta neutral y al banco central como la institución responsable de la estabilidad de precios que solo opera bajo criterios técnicos. Por el contrario, la experiencia del gobierno socialista de la Unidad Popular en Chile (1970-1973) es un caso en el que el intento de transformación de las fuentes de creación monetaria buscando el control público sobre el crédito recibió una intensa oposición que puso a prueba los límites de la legalidad. El camino chileno hacia el socialismo pretendía una transformación revolucionaria dentro del marco del Estado de derecho. Los primeros éxitos en cambiar la estructura monetaria—aprovechando mecanismos de derecho privado como ...
Processing Request
No Comments.