I take the opportunity of my last comment to publish about Ecuador. Yesterday, Ecuador lived its election in which Rafael Correa won again. His populist economic policies have created a risk confidence among investors and the private sector. This is regrettable when one knows that Ecuador as other Latin American countries, unlike the US and Europe, could succeed.
My country has enough resources and skills people that could be used to promote the development. However, the interest game has deteriorated the economy. I encourage you to read this article and comment about the Ecuador situation and how it can affect the economy. How can people wake up on the dream of the populism?
PS. Since Rafael Correa granted assylum to Julian Assange in the Ecuadorian embassy in London, WikiLeaks has become a important resource to promote the "good" image of Rafael Correa. Here you can see how WikiLeaks has stopped denouncing irregularities to enter to the interest game of the power.
Populist policies are particularly hard on the ill-informed public as they don't realize what they are forgoing due to some policies. The quote below shows this two sided nature of the such policies.
ReplyDelete"Mr. Correa, a 49-year-old U.S.-educated economist, has made progress in developing infrastructure, education and health care, especially in doggedly poor rural areas, analysts say. But he has also spent much of his time in office expanding his power and removing obstacles to his agenda. He has changed electoral law and the constitution to allow for consecutive terms and has lashed out at media outlets critical of his government through lawsuits and fines."
It reminds me of Zimbabwe during the early days of independence and how well this worked but it eventually collapses as the government tries to consolidate its power. I hope this can be fixed in Ecuador before the country's economy goes down due to isolation by the international community.