The Subordination of Economic Expertise: The Case of the Ecuadorian Dollarization

Die Subordination ökonomischer Expertise: Der Fall der ecuadoria-nischen Dollarisierung«. Under what social conditions is economic expertise produced? How do local and transnational elites impact the production of ex­pertise? We address these questions by analyzing Ecuador’s formal dollar adoption in the year 2000. Our study examines the economic, social, familial, and political backgrounds of 131 experts, including their connections with lo­cal and transnational elites 20 years before and 24 years after the dollariza­tion. Using field theory, multiple correspondence analysis (MCA), and in­depth interviews, we identify the composition of this field of expertise and explore its dynamics over the past four decades. We argue that economic ex­pertise is substantially subjugated to the elite’s interests.

Elites influence ex­pertise through economic and political connections with mainstream media outlets and professional, bureaucratic, and academic clusters. Regarding dol­larization, experts did not drive the decision; instead, they adapted their po­sition-taking to the elite’s convenience. Experts with higher cultural capital but lower economic capital are increasingly isolated in this scenario. These findings suggest the necessity of questioning the consequences of an increas­ingly homogeneous field of economic expertise that is dependent on elites’ interests.