Historic Inauguration Marks Bolivia’s Economic Shift
Luis Paz was sworn in as Bolivia’s president in a ceremony at La Paz’s Plaza Murillo, promising a radical economic overhaul with his “capitalism for all” agenda. The 45-year-old political outsider, a former business magnate, aims to blend free-market policies with social programs to tackle inequality and stagnation—a sharp departure from Bolivia’s socialist past.
Paz’s ‘Capitalism for All’: Key Policies
In his inaugural speech, Paz outlined a centrist approach to revive Bolivia’s economy:
– Tax Cuts for Entrepreneurs: Streamlining bureaucracy and offering incentives for small businesses.
– Privatization with Equity: Opening lithium and gas sectors to private investment while mandating local profit-sharing.
– Universal Basic Capital: Distributing shares in state enterprises to citizens.
– Tech and Infrastructure Upgrades: Attracting foreign investment to modernize Bolivia’s roads and digital networks.
Critics, including ex-President Evo Morales, accuse Paz of “neoliberal betrayal,” while supporters argue his plan balances growth and fairness.
Challenges Facing Bolivia’s New Leader
Paz inherits a stagnant economy (2% GDP growth), high inflation, and fierce opposition from the socialist MAS party. His success hinges on winning over unions, indigenous groups, and a fractured Congress.
Global Reactions: Optimism and Caution
The U.S. and EU welcomed Paz’s reforms, but China—Bolivia’s top lithium investor—urged policy continuity. Analysts note parallels to market-friendly shifts in Argentina and Uruguay.
What’s Next for Bolivia?
With protests likely and MAS resisting reforms, Paz’s early test will be passing economic bills. For Bolivians like La Paz vendor María Fernández, results matter most: “If prices drop and jobs return, we’ll back him.”
As Bolivia pivots from socialism, Paz’s experiment could redefine Latin America’s economic playbook.
