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By: Lawrence W. Reed and Andrés Cusme Franco
Throughout her life, Dora de Ampuero has defended ideas and principles of transcendental importance. Several generations of young people have been enlightened and guided by her. She is a champion of individual freedom. Her stoic defense of it during one of Ecuador’s most serious crises in the 1990s is a special hallmark of her decades of service. She is one of the most influential non-political leaders in Ecuador and Latin America, an influencer in the lives of millions of people.
That is the public side of Dora, but this text is more about the lady, the wife, the mother, the mentor, and the friend. People should know who Dora de Ampuero is as a person to appreciate better her work and the positive impact she has had and will continue to have for years to come.
We —two people who shared the precious gift of getting to know Dora— admit that these words do not do full justice to her monumental contributions in the name of freedom.
1991: the year that changed Ecuador’s future
In a year of severe social and political challenges in Ecuador, Dora de Ampuero and her husband, Enrique de Ampuero, created the country’s most important and influential think tank: the Ecuadorian Institute of Political Economy. Also known as IEEP, it was the realization of Dora’s lifelong struggle for human freedom.
Strongly supported by the Atlas Network Foundation, she started with an idea while studying economics at George Mason University in Washington, D.C. Dora decided to contact former Atlas president Alejandro Chafuen to ask for guidance on how to set up an intellectual center in Ecuador, where only leftist organizations dominated the debate of ideas at the time.
She and Enrique decided to start something new, founded on solid principles of free market economics and individual freedom, with little but very important help from like-minded friends. Soon, the dream became a reality.
The Institute was created in the warm city of Guayaquil. Immediately, Ideas de Libertad, a newspaper with free market values written and edited by Dora and her husband, began to be printed and distributed in Guayaquil. It was a brave and visionary step in times when such ideas were almost unknown and not very welcome. We clearly remember a very lovely conversation with Dora about it: she said that the decision to distribute the printed edition of the newspaper Ideas de Libertad was one of the most valuable decisions of her life. She had the opportunity to confront people and learn about their struggles, to receive the appreciative comments of those who valued such work in difficult times. Ideas de Libertad is still distributed in print and digital versions and has never ceased to be broadcast since the first edition was published.
Dollarization in Ecuador
Before January 2000, the official currency in Ecuador was the Sucre. The Central Bank of Ecuador was, until then, the highest authority on political economy. But the collapse of the Ecuadorian economy during the 1990s forced Ecuadorians to look for a definitive solution to one of the biggest problems since the time of the Republic.
During the 1990s, Ecuador suffered one of the most severe economic crises in its history. According to a great article by Dora de Ampuero, “Ecuador entered into dollarization under a true hyperinflation. At the beginning of 1999, the exchange rate was 4,000 sucres to the dollar; by the end of the year, it reached 28,000 sucres to the dollar. Inflation was 60% and the devaluation rate exceeded 300%. In March, the government closed the banks for a whole week, then reopened them and rescued some of them by issuing bonds and created a new agency to guarantee the backing of deposits in case of bank failure in 1999, the monetary base grew by 552%. People adopted dollars informally at first so as not to lose their purchasing power.”
When the Ecuadorian government officially opted for dollarization, it largely followed a proposal put forward by Dora Ampuero, Franklin López, Joyce de Ginatta, and many other freedom fighters in Ecuador. Hyperinflation disappeared. Prices stabilized. Interest rates fell. Confidence increased and, with it, investment and productivity. Dollarization was the success the IEEP people predicted it would be.
Her role as wife and mother
At the beginning of this article, we made a promise: to write about the person. In talking to her daughter, Ana María Ampuero, we have discovered lovely details about Dora as a beloved wife and mother, above all else.
Dora had a long marriage to Enrique Ampuero for 46 years until he passed away. Once he retired and they returned from Washington, D.C., to Guayaquil to settle, Enrique got involved in the Ecuadorian Institute of Political Economy work to support Dora. He contributed significantly with his research and writing skills, but above all, as a loving husband who encouraged his wife to grow in her passion for freedom. He especially enjoyed talks with Milton Friedman and Carlos Alberto Montaner. Dora had greatly enriched his life.
She finished her degree in Economics in Guayaquil, with the encouragement and support of her husband Enrique, and while raising their three children, Ana Maria (then 12), Julio (9) and Carlos (6). Later, in the United States, while studying for her graduate courses for a master’s and doctorate at George Mason University, she kept her children at home, in high school, and at university. She was able to do so and take care of the home while her husband traveled throughout Latin America for work. Her children remember her as being very present in their lives, preparing great meals, and being hospitable.
While directing the Ecuadorian Institute of Political Economy, Dora could be close to her children as they started families and their grandchildren arrived. Her best friend was her granddaughter Anita, who died at 25. She was her confidant and trusted friend.
Mentor to generations
In the words of María Blanco: “young people of various generations, when asked how it is that there are so many students in the classes with Professor Huerta de Soto, they would say: it all started with Dorita.”
Dorita. That’s what we call her. Not only because of her gentle nature but also because of the infinite patience she usually has with everyone, without any distinction whatsoever. And that is how it all began for countless young leaders in Ecuador.
It is almost impossible to write down all their names. Still, we would like to remember a few of them, to remember how effective Dora de Ampuero and the Ecuadorian Institute of Political Economy have been in making a positive impact on our society: Pablo Arosemena-Marriot, current Minister of Economy and Finance of Ecuador; Gabriela Calderón, Research Associate and Editor of the Cato Institute; Joselo Andrade, Executive Director of IEEP; Pedro Romero, Director of the Master in Economics at the Universidad San Francisco de Quito; and many others to whom we apologize for not including their names in this article.
This positive impact is one of the most precious gifts to freedom in Latin America. The impact started with a single discussion on free market economics, a student conference, a seminar, or even a single talk at the IEEP headquarters and its valuable library, offering the precious opportunity for several generations to understand the fundamentals of Economic Freedom and how each one must defend it above all else.
Why did Dora achieve so much?
Some reasons for Dora’s successes are evident and public: she is a very competent and knowledgeable economist. She knows facts, figures, history, and economics. She is persuasive in putting forward her ideas. Other reasons for her personality: She is empathetic and pleasant. She has a strong character that attracts others to trust her, listen to her, and learn from her. She is honest, humble, patient, responsible, and courageous. She perseveres with great determination. Her smile is contagious. She has a sense of humor. She relates well with others. She is professional and pleasant at the same time. She makes friends easily. She possesses the personal traits that make others respect her and her ideas. Without these unique qualities, she might not have seen her thoughts become a reality, which is why friends like us hold her in such high esteem. We want to thank you, Dora, for all you have done for Freedom so far. You are our true heroine. May your light remain with us forever.
Lawrence writes a weekly op-ed for El American. He is President Emeritus of the Foundation for Economic Education (FEE) in Atlanta, Georgia; and is the author of “Real heroes: inspiring true stories of courage, character, and conviction“ and the best-seller “Was Jesus a Socialist?“ //
Lawrence escribe un artículo de opinión semanal para El American. Es presidente emérito de la Foundation for Economic Education (FEE) en Atlanta, Georgia; y es el autor de “Héroes reales: inspirando historias reales de coraje, carácter y convicción” y el best-seller “¿Fue Jesús un socialista?”