Latin America: The Second Stage of Reform

Politicians increasingly are attacking central bankers—once viewed as bland, faceless technocrats—for wielding too much power.

The sudden and surprising downfall of President Alberto Fujimori has opened the way for a return to democracy in Peru, but the country’s new leaders will face major challenges in…

A survey of the region yields a patchwork result, with democratic governance faring well in some countries, at a standstill in others, and in the most worrisome cases actively eroding.