After decades of collectivist failures, Latin Americans in the 1990s sought reform in the name of the market economy—while denying its foundation in the rule of law. The result is an ideological confusion whose resolution is the greatest challenge facing Latin American liberals today.

Alvaro Vargas Llosa is a Senior Fellow at the Independent Institute.
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Defense and Foreign PolicyInternational Economics and DevelopmentLatin America
Other Independent Review articles by Alvaro Vargas Llosa
Winter 2003/04 The Individualist Legacy in Latin America