Belaúnde Terry AP second term — democratic transition, debt crisis

Doctrine — stated goals and content

Democratic restoration after twelve years of Morales Bermúdez / Velasco military rule. Four doctrinal pillars: (1) constitutional return — 1979 Constituent Assembly Constitution took effect 28 July 1980 under Belaúnde who had been deposed in October 1968; universal suffrage (incl. illiterates); (2) partial market opening after Velasco statism — tariff reform lowering peaks, selective privatisation, expansion of informal-sector formalisation, and encouragement of foreign investment in mining and hydrocarbons; (3) debt-crisis absorption — 1982-1983 Mexican-default contagion + 1982-83 El Niño flooding (GDP -12% 1983 in northern departments) + collapse of commodity prices produced a severe recession; external debt rose to ~USD 13.5bn, inflation reached 125% (1984); IMF Extended Fund Facility negotiated but missed targets; (4) internal security deterioration — Sendero Luminoso (Shining Path) declared "people's war" 17 May 1980 (burning ballot boxes in Chuschi, Ayacucho); emergency zones declared 1981; Ayacucho placed under military command December 1982; MRTA formed 1984; mass human- rights violations under military counter-insurgency (Uchuraccay 1983, Accomarca 1985). Stated school: Belaúndismo centrist-reformist AP tradition + selective Washington-Consensus opening. Left-right axis: centre-right economic content, liberal-democratic institutional content, hampered by commodity shock and insurgency. Popularity / legitimacy: May 1980 election Belaúnde won 45.4% vs Villarán APRA 27.4%, Barrantes IU 17.1%; by 1985 AP collapsed to 6.3% (Javier Alva Orlandini) as APRA's García swept with 53.1%. Coherence line: restore constitutional and market-oriented normalisation while absorbing the accumulated liability of Velasco-era statism and the onset of Sendero insurgency.