Bolivia Kicks Out the Socialists
Mr. Morales was first elected in 2005 with more than 53%—a rare mandate in Bolivia. His core constituency was the coca-growers union, but his wider popularity was built on utopian promises of equality and revenge against the entrepreneurial class. Fidel Castro was his mentor.
Evo nationalized a range of industries, including telecom, utilities, lithium and natural gas. When gas prices were high, Bolivia seemed to be doing well. But when the market turned down, central planning fell apart. Bolivia struggled, but Bolivians gave MAS one more try in 2020, electing Evo's economy minister, Luis Arce, as president.
Over two decades of MAS rule—save one year out of power—Bolivia drove out investors and lost competitiveness. Inflation is now 24%, the highest in nearly four decades. Food shortages are common.
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