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    lenin moreno

    Ecuador's President Rafael Correa (L) greets Presidential candidate Lenin Moreno

    People Reject Neoliberalism's Return, But Challenges Remain in Ecuador

    Despite defeat of candidate backed by nation's oligarchy, newly-elected Lenin Moreno has much work to secure and further legacy of Rafael Correa

    William K. Black
    Apr 05, 2017

    Ecuador has just staged another successful democratic election--as even the Wall Street Journal now reports, based on international election observers from the Organization of American States (OAS) that have no love for the Ecuadorian party that won the election. Most of the foreign reportage on the election focuses on Julian Assange, who has taken refuge in Ecuador's embassy in London. But what are the real problems that Lenin Moreno and the people of Ecuador will face when he becomes President?

    Ecuador's oligarchs have run the country for most of its existence, crippling economic development and producing high rates of unemployment, poverty, and inequality. The neo-liberal policies that became synonymous with the "Washington Consensus" led to extreme financial deregulation and privatization that produced the typical wave of "control fraud." The nation's leading bankers led that epidemic of fraud by seemingly legitimate banks. The fraud epidemic led to one of the many banking crises of the late 1990s that swept through Latin America. The banking crisis drove a serious recession, led to exceptional levels of emigration from Ecuador, produced extreme political instability in Ecuador--and set the stage for the election of the reformist Rafael Correa. Correa and his supporters created the Alianza Pais (AP). Correa became president in 2007. The AP has a majority holds a majority of the seats in Ecuador's unicameral legislature.

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    Opinion
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    Lenin Moreno

    Likely Leftist Victory in Ecuador Election Rejects "Oligarch's Candidate"

    Julian Assange also expected to stay in Ecuadorian embassy in London after tense election ends with leftist candidate Lenín Moreno as president

    Nadia Prupis
    Apr 03, 2017

    A nail-biting election in Ecuador appeared to end Sunday with leftist candidate Lenin Moreno winning the presidency over conservative Guillermo Lasso.

    The National Electoral Council declared Moreno the winner by 51 percent, just minutes after another organization had said the race was a technical tie with both candidates being within 0.6 percentage points of each other.

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    ecuador
    Ecuador Presidential candidates: Former vice president Lenin Moreno, left, and wealthy banker Guillermo Lasso, right.

    Ecuador's Tax Evading Oligarchs Try to Reconquer the Nation

    Ecuador chooses Sunday between a socialist or a right-wing banker in tight presidential vote

    William K. Black
    Apr 02, 2017

    The democratic elections of President Rafael Correa in Ecuador have enraged the oligarchs, particularly the wealthiest bankers who ruled and predated on the nation for so many decades. That predation led to a massive banking crisis led by fraudulent elite bankers. Ecuadorians fled the nation in record numbers. Ecuador suffered the highest percentage of emigration in Latin America. Political crises became the norm, with a series of presidents forced to resign within months. Correa and his reform party, Alianza PAIS (AP), changed all this.

    Correa has served his full elected terms of office largely because he met his campaign promises to more than double expenditures on education, health, and infrastructure that have transformed Ecuador and substantially reduced poverty, unemployment, and inequality. Ecuador's democracy is real. When rival parties won elections in a number of Ecuador's largest cities, there was a normal, peaceful transition of power to those parties. Ecuador has several major political parties and employs a common democratic means of determining whether the first round of the election results produce such a dominant winner that no run-off election is required. Despite the fact that Mr. Moreno, the AP candidate for the presidency, came within a razor-thin margin of reaching that decisive plurality in the first round, the government required a run-off election in accordance with the law. 

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    Opinion
    ecuador

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