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23

Ecuador After Correa

The fate of the petrostate

(missing author)

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Thea Riofrancos. interesting but not super relevant

? (2017). Ecuador After Correa. n+1, 29, pp. 23-30

25

Correa's success was rooted in his administration’s model of commodity-dependent left populism. The model goes by different names. Officially, it is “socialism of the 21st century” or “post-neoliberalism.” Indigenous and environmental activists call it extractivism. Correa’s political opponents, right and left, refer to it as correísmo. Since 1972, when a nationalist military regime made newly discovered oil fields the center of its economic policy, Ecuador has been a petrostate: the revenues generated by oil extraction and export, undertaken by both state-owned and foreign companies, are the primary source of state income. Reliance on a small basket of exports is the prevailing economic model across the region, a paradigm with roots in colonial and independence-era patterns of dependence.

—p.25 missing author 1 year, 11 months ago

Correa's success was rooted in his administration’s model of commodity-dependent left populism. The model goes by different names. Officially, it is “socialism of the 21st century” or “post-neoliberalism.” Indigenous and environmental activists call it extractivism. Correa’s political opponents, right and left, refer to it as correísmo. Since 1972, when a nationalist military regime made newly discovered oil fields the center of its economic policy, Ecuador has been a petrostate: the revenues generated by oil extraction and export, undertaken by both state-owned and foreign companies, are the primary source of state income. Reliance on a small basket of exports is the prevailing economic model across the region, a paradigm with roots in colonial and independence-era patterns of dependence.

—p.25 missing author 1 year, 11 months ago