Latin America's Star Pupil Needs Some New Ideas

The first round of Chile's presidential elections, which saw a near shoo-in billionaire stumble, has roiled the continent's traditional pacesetter. The day after conservative former president Sebastian Pinera garnered less than 37 percent of the vote, the stock market took a powder. Now Pinera faces a December runoff against Alejandro Guillier, a relative political newcomer, who’s bidding to unite the bickering but surprisingly resurgent Chilean left.

Yes, Chileans seem as tired of the same old faces in politics as everyone else in Latin America does. So is the continent's most business-friendly nation about to bank hard left? Nah. Chileans long ago eschewed ideological extremes for a dull but stabilizing centrism. What’s at stake is whether any government can shake off more than a decade of economic inertia.