This political shift to the Right is a familiar scene in Latin America these days. Less than two years ago, Bolivia’s southern neighbor, Argentina, faced an inflationary crisis and elected libertarian economist Javier Milei. The country’s apparent economic comeback has inspired a free-market revolution across the River Plate region, with many popular candidates in the Bolivian election styling themselves as acolytes of Milei. 

“Paz’s victory marks an interesting shift; from populist socialism to ‘capitalism for everyone.’ For the first time in 20 years, privatization, international investment, and the strengthening of private property are part of the formula to bring Bolivia back to the international stage,” Antezana shared. “Only time will tell how genuinely liberty-oriented Paz’s intentions truly are.”

The losing candidate in October’s runoff, former president Jorge “Tuto” Quiroga, spoke of plans to dramatically reform the country’s economic system and privatize its natural resources. In an interview with the Associated Press, he said, “I will open Bolivia to the world and bring the world to Bolivia.”

President-Elect Rodrigo Paz, from the Christian Democratic Party, also appeared to embrace a freer economy during his campaign, with the slogan “capitalism for all.” But his distancing from other candidates’ plans to use International Monetary Fund loans to rescue the country by selling its lithium reserves positioned him as the moderate, centrist candidate. 

Journalist Joseph Bouchard was on the ground in Bolivia for the country’s first round of elections and predicted that moderate rhetoric would ultimately prevail. “Narratives of coalition-building versus right-wing zeal, and of who can restore order through pragmatic, human-centric solutions, will define the race,” he told me in August. “So far, Paz is winning that contest, being perceived as the more flexible, competent, and fresh option to Tuto’s ideological, pro-US, pro-austerity, cold-and-tough approach.”

“Tuto” Quiroga did not shy away from this ideological approach. “If people tell you that’s right-wing or libertarian, let them say what they want,” he told the Associated Press.

Duran also believes a wave of liberalism is sweeping through the region. “There is a Milei phenomenon, which is going on all around the region here in Latin America…Many people have been asking for free markets [and] capitalism.” 

Voters also embraced rhetoric styled after Salvadoran President Nayib Bukele. His “mano dura” style crime crackdown has become popular throughout Latin America. Although Bolivia has a lower murder rate than many of its neighbors, voters sought an antidote to the chaos egged on by former President Evo Morales.

“The public associates insecurity with the coca-growing Chaparé and with Evo Morales’s armed supporters, protecting him behind a bunker,” said Bouchard. “Calls for militarization and ‘regaining control’ resonate, and both Paz and Quiroga promise firm crackdowns.” Both candidates hinted that these “crackdowns” involve the arrest of Evo Morales, who is currently facing charges related to allegedly impregnating a 15-year-old girl.

On October 19, voters decided Bolivia’s future. Rodrigo Paz’s victory signals a rightward shift toward capitalism and a stronger approach to law and order. How significant this shift will be remains to be seen, but one thing is certain: Bolivia’s socialist experiment is over. Bolivia is not the first, nor will it be the last, Latin American country to reject the left-wing leaders they previously welcomed with open arms. As voters continue to endure devastating economic outcomes throughout Latin America, the pink tide will continue to recede.