Valparaiso (Chile)

City, central Chile, capital of Valparaíso Region, on a wide bay of the Pacific Ocean. It is a major seaport and manufacturing center and the seat of Chile's National Congress; another large city, Viña del Mar, is located nearby. Manufactures of the area include processed food, textiles, chemicals, and leather and metal products. The city has a stock exchange. Economic activity is concentrated on the narrow level area near the bay, and residential districts are located on the steep slopes of the hills that enclose the city. In Valparaíso are a naval academy, the University of Valparaíso (1981), the Catholic University of Valparaíso (1928), and the Federico Santa María Technical University (1926). A Natural History Museum (1876) is also located here. Valparaíso was founded by the Spanish in 1536. It grew after Chile gained independence in 1818 and was an important port of call for ships rounding Cape Horn before the opening (1914) of the Panama Canal. The city was badly damaged by an earthquake in 1906 which killed 20,000 people and by another in 1971. Pop. (1992) 276,736.