Bolivia turns the page on socialism

After two decades of socialist rule, Bolivia will have a centrist as president. Bolivians must wait until October to know who voters will choose, but the results in last Sunday's first round of elections are good news in a South American country in dire need of better governance. With its untapped natural resources, Bolivia's enormous potential has been hindered by political instability, social unrest and a steady decline in democracy.

Rodrigo Paz Pereira, a Christian Democrat and son of former President Jaime Paz Zamora, will face former President Jorge "Tuto" Quiroga, a conservative. In a region where the political pendulum has lately swung to political extremes — right or left — having two runoff candidates closer to the political center is rare, but welcome.

This landlocked nation rarely gets headlines in North Texas, but everyone who uses a smartphone, laptop or drives an electric vehicle should care. Bolivia has the largest known lithium reserves in the world, estimated at 23 million metric tons, mostly coming from a salt flat known as the Salar de Uyuni. The U.S. gets most of its lithium from neighboring countries Argentina and Chile, but Bolivia, the third pillar in the "Lithium Triangle," has barely tapped its resources.

There are ideological differences between the runoff candidates. Quiroga, 65, is more conservative, focused on bringing foreign investment and free-trade agreements. Paz Pereira, 57, embraces a "capitalism for all" approach and promises to end the state-driven model of the past decades. Both are in favor of slashing government spending and reducing subsidies. Bolivia is in the midst of its worst economic crisis in almost four decades, with a 24% inflation rate.

Bolivia is finally turning the page on authoritarianism in what has been a one-party rule since 2006. This is an opportunity to rebuild the economy and democratic institutions. The real losers are former President Evo Morales, who is blocked from running, and his political movement.

Under Morales' shade, democracy unraveled in this South American nation. A former trade union and cocalero activist, Morales ruled the country until 2019, favoring a state-run economic model. He famously nationalized the natural gas and oil industries, taking advantage of a commodities boom.

Bolivia never went as far as Venezuela, but it got close. The last decade was defined by Morales and his ambition to remain in power at all costs. Rigged elections, constitutional rulings bent to his will, even military involvement, all happened under Morales' watch. The current president, Luis Arce, had a falling out with his political mentor.

Morales is currently facing statutory rape charges.

While we are not naive about Latin America's shapeshifting politics, it is safe to say that Bolivia's future with either Paz Pereira or Quiroga is much brighter.

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