Ecuador’s Election Could Have Lasting Consequences
Imagine a developing country where a 43-year-old economist with a PhD from the University of Illinois, who is relatively unknown as a politician, runs for president and wins. Despite the preceding decades of corruption and institutional rot, he puts together a competent government and gets the economic policy right. The numbers tell much of the story: in the 10 years of his presidency, poverty fell by 41 percent; income per person grew at more than twice the rate of the previous 25 years; and public investment and government expenditure on health services doubled as a share of the economy.