Ecuador: Correa states neoliberalism is the failure, not socialism

cuadoran president Rafael Correa on Sunday denounced “fantasies of trickle-down theories” and said that it’s neoliberalism, not socialism that has failed his region.

Latin America has largely pursued “socialism of the 21st century,” TeleSUR reports the leftist leader as saying in an interview. Despite current external factors affecting his country’s economy—like the fall in the price of oil and trade partners’ economic slowdown—that model has helped the country weather the impacts far better compared to the situation in 1999 when the country was under conservative rule and “external shocks […] made the economy crash.”

“Neoliberalism is what failed, not socialism of the 21st century; on the contrary, socialism of the 21st century is what has us firmly on our feet, withstanding all of these difficulties,” he said. Read Article

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