Most of the population now believes that the Chaco War was the doing of said corporate meddling in public affairs. While Bolivia's mining wealth increased, so did the influence of mining companies in the government, and their capacity to influence policy. In 1903 Brazil and Bolivia signed the Treaty of Petróplis, ceding the important rubber producing province Acre to Brazil. Border conflict with Chile led to the ‘Saltpetre War’ (1879 – 1883), where Bolivia lost despite an alliance with Peru and ended with the nation being forced to cede the coastal province of Antofagasta, losing its access to the sea.

Since her formation, Bolivia has not fared well in terms of her foreign policy, suffering many painful losses.