While the income gap has slightly decreased between Chile's richest and poorest in recent years according to the Gini index (super dorky and fun link to compare income gaps of multiple countries: http://www.indexmundi.com/facts/indicators/SI.POV.GINI/compare?country=cl#country=br:ca:cl:us), it is still virtually on par with Brazil. Much of the graffiti reflected Santiago's economic reality.
In 2011, the country's university students led thousands of protests demanding the government lower university tuition costs. Coincidentally, the New York Times today has published an article on Camila Vellejo, who emerged as a central leader of the student protests: http://www.nytimes.com/2012/04/08/magazine/camila-vallejo-the-worlds-most-glamorous-revolutionary.html?_r=1&hp.
And of course, some of the graffiti was just fun to look at.
Even the market stalls were decorated with graffiti style art.
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