The work of economist and former Vice President Alberto Dahik Garzozi opened a space for critical reflection on dollarization in Ecuador, its history and current challenges. Dahik rejected a celebratory vision of this process and defined it as an extreme measure in the face of institutional collapse, not as a historical achievement, insisting that the country's fundamental problem has been, and continues to be, the lack of institutionality.
“Dollarization is the story of a failure, not a success, because we had to do it,” explained Alberto Dahik.
The author explained that dollarization alone does not guarantee development or social stability and questioned the myths built around it. By means of international comparisons, he argued that economic success depends on sound public policies, political consensus and clear rules, rather than the type of currency..
“An exchange rate system does not guarantee anything, it is just a tool,” he said, noting that poor economic management leads to failure under any scheme.
From a social perspective, Dahik addressed the impact of fiscal, labor and wage decisions on informality, inequality and violence. He criticized the high spending on subsidies and labor legislation that makes formal employment more expensive, and called on academia and society to break with the idea of dollarization as a magic solution. The book, available free of charge, seeks to promote an informed and critical debate on the country's economic and institutional future.
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