Peru is a country in western South America. It is bordered in the north by Ecuador and Colombia, in the east by Brazil, in the southeast by Bolivia, in the south by Chile, and in the west by the Pacific Ocean.
Peruvian territory was home to ancient cultures spanning from the Norte Chico civilization, one of the oldest in the world, to the Inca Empire, the largest state in Pre-Columbian America. The Spanish Empire conquered the region in the 16th century and established a Viceroyalty with its capital in Lima, which included most of its South American colonies. After achieving independence in 1821, Peru has undergone periods of political unrest and fiscal crisis as well as periods of stability and economic upswing. Economic cycles have mostly been based on the extraction of raw materials like guano (1845–1866) and rubber (ca. 1900).