Ecuador - Country history and economic development



1450s. Incas conquer indigenous tribes in and around Quito.

1531. Spanish conquistador Francisco Pizarro lands on the Ecuadorian coast.

1534. Spain conquers Ecuador and claims the city of Quito. Ecuador becomes part of the Spanish Viceroy-alty of Peru.

LATE 1500s. The Spanish establish large agrarian estates, or haciendas, which feature indigenous peons working for European owners.

1739. Ecuador becomes part of the Spanish Royalty of Nueva Granada, which also comprises Colombia and Venezuela.

1822. Antonio José de Sucre, one of revolutionary leader Simon Bolivar's field marshals, defeats Spanish Royalists at the battle of Pichincha, near Quito. Ecuador becomes part of Gran Colombia, the independent territory comprised of Colombia, Ecuador, Panama and Venezuela.

1830. Ecuador leaves Gran Colombia to become a fully independent state.

1845-60. A period of political and military instability is caused by minor wars with Peru and Colombia and increasing tension between the conservative center Quito and the liberal metropolis Guayaquil.

1860-75. Autocratic conservative Gabriel Garcia Moreno holds power and establishes education and public works programs.

1895-1912. Radical liberal General Eloy Alfaro rules and reduces the power of the Catholic Church.

1925-48. Ecuador undergoes a period of great instability.

1941. Ecuador loses a border war with Peru and gives up land in the Amazon.

1970s. Ecuador becomes a major producer and exporter of oil.

1979. Ecuador adopts a new democratic constitution and gains official recognition as a democratic nation.

1981. Border conflict with Peru surfaces again.

1988. Rodrigo Borja Cevallos wins the presidency and introduces austerity measures designed to discipline the economy.

1992. Ecuador withdraws from OPEC to avoid export limitations.

1994. President Sixto Duran Ballen's neo-liberal program encounters strong opposition.

1995. War between Ecuador and Peru flares up again.

1997. President Abdala Bucarám flees Ecuador on charges of corruption. Fabian Alarcón becomes interim president.

1998. Jamil Mahuad becomes president and negotiates an end to the 157-year border dispute with Peru.

1999. Economic crisis hits, sparking rampant currency depreciation, high inflation, and severe unemployment.

2000. Mahuad is ousted in a non-violent coup after announcing plans to dollarize the economy. Vice President Gustavo Noboa is installed as president.

2000. Dollarization reaches completion.

Also read article about Ecuador from Wikipedia

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