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In June 2011, Ollanta Humala was elected president of Peru after campaigning on a platform of change. Significant for Peru, but also for South America more broadly, Humala advocated for moderate, not revolutionary, change — calling for a better and fairer distribution of the fruits of Peru’s impressive economic growth and for lower levels of corruption and crime. That kind of program won’t entail upending the prevailing system. It will, however, require serious institutional reform. The Peruvian case dramatically illustrates wider trends in South America, where sustained economic growth and sound macroeconomic policymaking in recent years have coexisted with continuing […]