The Americas: Reviewing 2015 and Looking Ahead
In the last 15 years, representative democracy in many countries has been undermined by authoritarian populism, statist economic policies, and unsustainable social spending—all of which gives government such an overbearing role in national economies that it spurs flagrant corruption. In some very dramatic cases in the last year, the people have sought remedies through democratic debate and elections.
The lesson we have been taught yet again in 2015 is that there is no substitute for leaders summoning the political courage to adopt internal reforms. Commodity booms, natural resource wealth, foreign trade, and capital can sustain growth only when coupled with responsible economic policies.