President Garcia is back in Peru. His first term, from 1985 to 1990, ended in bread lines, inflation of 7,649%, and the further expansion of the Maoist Shining Path, but Peruvians appear willing to give him another shot. His election might appear to be another step in what some have suggested is a left-ward swing in South America, but he now claims to have seen the light. He campaigned on promises to cut some of the stifling red tape that ties up the Peruvian economy. He eschews the fiery far-left populism of his youth in favor of a more pragmatic approach. Mr. Garcia campaigned to the right of his nationalist opponent, Ollanta Humala, who had made redistribution of wealth a central plank in his platform.

Even when he pays homage to his left-wing base, Mr. Garcia seems does so in a subtly pro-market way. His criticisms of American “imperialism” relate to such issues as agricultural subsidies that distort trade. So rather than auguring a return to the far left, Mr. Garcia’s election may signal pragmatism. Despite a notable exception or two – Evo Morales in Bolivia comes to mind – South American voters have been embracing politicians like Luiz da Silva in Brazil who spew left-wing rhetoric but govern in a more or less middle-of-the-road way or Michelle Bachelet of Chile who are solidly centrist by the standards of the continent. Most of South America today is governed by leaders who at least feel compelled to pay lip service to free trade and economic liberalization. Which is good news for South Americans themselves, and for us Yankees, and bad news for Venezuela’s Hugo Chavez and his comrade, Fidel Castro.