Although the political pendulum swings back and forth, for now it seems the left is winning
The region has tended to lean to the left in recent decades. Under the so-called pink tide from around 1998 to 2015, much of it was led by a mix of left-wing democrats and demagogues. Generous social handouts and redistributionist politics were backed by a commodities boom.
When polled, many in the region say that they remain fond of globalisation. In Brazil, Colombia, Peru and Mexico a majority of respondents to a recent survey by Ipsos Mori, a pollster, say that it has benefited their country. Even so, voters are becoming less partial to democracy. This is particularly the case among the young.
By contrast Mr Boric is far more concerned about democracy, social rights and the environment. He is one of the few left-wing politicians in the region to call out human-rights abuses in Nicaragua and Venezuela, and to steadfastly criticise Russia’s invasion of Ukraine. Younger than most of his counterparts, his priorities are not shaped by socialist teachings. According to one of his close friends, he and his circle do not tend to read Karl Marx, but take their cues from social media.
One of Lula’s first acts as president was to reverse Mr Bolsonaro’s plans to privatise various state-owned companies. He has said he wants to “change the logic” of tax in the country by raising the income-tax threshold, in order to exempt those who make up to 5,000 Brazilian reais a month from paying any . He also wants to increase the minimum wage.
In order to fund higher social spending, Latin America needs higher growth. There is little sign of it picking up. Investment, one driver of rising living standards, is tepid. For the past three decades the region’s share of global foreign-direct investment flows has declined . Red tape, inconsistent policies and volatile politics put off investors, though not all: in 2021 Chinese companies invested $6bn in Brazil, the largest amount since 2017, according to the China-Brazil business council.
Belgique Dernières Nouvelles, Belgique Actualités
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