Quito, October 29 (teleSUR-RHC)-- Ecuadorean President Rafael Correa took on a group of three economists who are opposed to his government's policies in a televised debate on Wednesday, which boiled down to a discussion between the neo-liberal economic policies of previous governments and the socialist policies of Correa's government.

Ecuador, under President Correa, has spent the last eight years trying to change its economic and social model, contributing to greater economic and political stability over the years as well as decreasing social inequality. According to World Bank statistics, the poverty rate in the country dropped almost 15 percent between 2006 and 2014.

However, in recent months, the government has faced major criticism both inside and outside the country, mainly over its policies on continued exploitation of oil in order to fund social programs. 

Correa, a trained economist who received his doctorate from the University of Illinois in 2001, was joined by the Ecuadorean Coordinating Minister of Political Economy Patricio Rivera and Finance Minister Fausto Herrera.

Former Economy Minister Mauricio Pozo; former President of the Ecuadorean Social Security Institute Ramiro Gonzalez, and the former Ecuadorean Vice President Alberto Dahik represented the opposition in the debate.

Being a debate among economists, many of the discussions revolved around technical details of the economic policies of the government. Nonetheless the debate produced exchanges that turned heated at times.

At one point, Correa walked over to his opponents to hand-deliver a copy of his thesis, which repudiated the neoliberal policies of previous governments that Correa classified as a “failure.” 

Opposition politicians argued the country is in the midst of an economic crisis and proposed a return to the previous neoliberal policies, including a reduction of public spending in order to increase reserves and greater emphasis on “economic stability.” 

Correa's opponents were highly critical of government spending, arguing the country was becoming too indebted.

President Correa responded saying, “Ecuador is doing in eight years what wasn’t done in 30.” He also said Ecuador is among the five Latin American countries with less debt, which, he said, is thanks to his government’s investment in social programs and the responsible and adequate use of oil revenues.
Under Correa, the government has prioritized social investment, particularly in areas that had been neglected by previous governments such as the construction of schools, highways, and hospitals.

Correa argued Ecuador was not in a crisis but did not deny that the drop in the price of oil and the fact that Ecuador does not have its own currency presented challenges.