In the early republican period Chilean international trade grew considerably. Merchants from countries like England, Italy, Germany and the United States settled in Chile. Chile was officially open to trade to all nations since 1811 but applied protectionist policies to favour domestic production in a manner that has been called neomercantilism. Chile's relative openness to international trade contrasted with contemporary truly protectionistic policies of Peru and Argentina. The 1830–1870 period was one of the greatest growth for the Chilean economy and was largely indebted to two export booms: the copper and silver mining in Norte Chico and the Chilean wheat cycle. The overall development resulted in Chile becoming one of the high-income countries in South America.