State capture and decorporatization of financial elites in Ecuador

Abstract

Objective/context: The article analyzes the relationship between the State and financial elites in Ecuador during the government of Rafael Correa (2007-2014), framed by what is known as the turn to the left. This government carried out a decorporatizing fight to delink state management from private interests that had captured the State during the neoliberal cycle. This entailed two simultaneous movements: breaking the institutionality in force in different spheres of public policy (education, finance, health, communications media, among others) governed by actors with veto powers and special interests and, at the same time, building a new institutionality capable of responding to wider interests and demands, within a democratic and inclusive spirit. Methodology: The empirical exploration of this case was performed with a qualitative methodology based on an analysis of the press and regulations and the tracking of processes, which allowed offering evidence regarding the mechanisms for the capture and decorporatization of the State, within the framework of governments whose favorite adversaries are the economic elites committed to neoliberalism. Conclusions: The institutional reconfiguration carried out by the Citizen’s Revolution within the sphere of finance achieved greater margins of state autonomy, through new institutional designs of financial system bodies, such as the Monetary and Banking Boards, to keep the private interests of bankers from permeating state management. Originality: The text contributed elements to bridge the gap found in studies on elites in Latin America and their relationship with the State, specifically, regarding the mechanisms for the capture and “de-capture” of state management.