highlighted as one of the central policies of his government had already begun under his predecessor Eduardo Frei Montalva, who had expropriated between one-fifth and one-quarter of all properties liable to takeover. The Allende government's intention was to appropriate all holdings of more than eighty basic irrigated hectares. Allende also intended to improve the socio-economic welfare of Chile's poorest citizens; a key element was to provide employment, either in the new nationalized enterprises or on public works projects. Towards the end of 1971, Fidel Castro toured Chile extensively during a four-week visit. This gave credence to the belief of those on the right that "The Chilean Way to Socialism" was an effort to put Chile on the same path as Cuba. Economics The short-term economic results of Minister of Economics Pedro Vuskovic's expansive monetary policy were unambiguously favorable: 12% industrial growth and an 8.6% increase in GDP, accompanied by major declines in Chile’s long-endemic chronic inflation (down from 34.9% to 22.1%) and unemployment (down to 3.8%). In 1972 the Chilean escudo changed 140%. The average Real GDP contracted between 1971 and 1973 at an annual rate of 5.6% ("negative growth"), and the government's fiscal deficit soared while foreign reserves declined. During this time, a shortage in basic commodities led to the rise of black markets which ended in late 1973 after Allende was ousted. In addition to the earlier-discussed provision of employment, Allende also raised wages on a number of occasions throughout 1970 and 1971. These rises in wages were negated by continuing increases in prices for food. Although price rises had also been high under Frei (27% a year between 1967 and 1970), a basic basket of consumer goods rose by 120% from 190 to 421 escudos in one month alone, August 1972. In the period 1970-72, while Allende was in government, exports fell 24% and imports rose 26%, with imports of food rising an estimated 149%. Although nominal wages were rising, there was not a commensurate increase in the standard of living for the Chilean population. The falls in exports were mostly due to a fall in the price of copper. Chile was at the mercy of international fluctuations in the value of its single most important export. As with almost half of developing countries, more than 50 percent of Chile's export receipts were from a single primary commodity. Adverse fluctuation in the international price of copper negatively