Published online by Cambridge University Press: 02 January 2018
In Just 20 Years Peru has shifted from beacon of hope to basket case. As late as the mid-1970s, Peru's reformist military government (1968-1980) appeared to offer significant possibilities for economic and political development (defined as improved distribution of income and greater participation by the citizenry). From 1940 to 1975, economic growth and low inflation had been the norm. A major agrarian reform during the military docenio (12-year rule) created production cooperatives nation wide; the industrial community gave workers a meaningful management role in the operation of their firms. Both stirred the imagination of many Peruvians and the academic community alike.