Caught between inflation, falling public revenues, and their own demagoguery, the continent’s new socialist leaders are at risk of being crushed.
We are witnessing a revolution, it seems. The six largest countries on the Latin-American continent have gone over to the Left—a Left of words and promises that, unsurprisingly, are already proving untenable. In Mexico, Andrés Manuel López Obrador, or AMLO, has been president since 2018. A career politician, he renounced his socialist commitments at the outset of his presidency to save the country’s ruined public finances. But other, less experienced leaders on the left, prisoners of their ideology and of their programs, as generous as they are demagogic, already find themselves up against the wall of reality: the economy, for its part, does not lie.
