Chile, 1980. Guillermo, Fernando and Isabel meet, become friends and together uphold the "Independent Republic" - a utopian concept for a better world conceived by Guillermo as a reaction to savage capitalism imposed by the dictatorship. Chile, 1990: the dictatorship no longer exists. Fernando and Isabel have had a child, Miguel.

     All three are traveling, on their way to Arica, a small city on the borders with Peru where Fernando plans to set up business with an "adventure tourism" agency. They meet up again with old friend Guillermo, now a bitter disillusioned man who makes money selling sensationalistic reports to European television networks.

     Fernando's business prospers, spurred on by his enthusiasm. He joins forces with a powerful financial group and sweeps up Isabel and Guillermo into his business. The relationship between them inevitably flounders. No longer is there anything left of the old dream of an "Independent Republic", other than a drawing that Miguel keeps fondly, with care, in his room.