Economic liberalism has not developed as a strong or widespread line of thought in Peru. Yet over the long run, Peru has moved towards greater economic freedom. After decades of roller-coastering through socialism, populism, and a terrible episode of hyperinflation, Peru has put in place certain elements that help to ensure a path towards a freer and more secure market economy. However, a weak and often corrupt political class, an undereducated population, and incomplete institutional reforms remain as challenges to the consolidation of economic liberalism in Peru.