generate its largest budget surpluses in recent memory and the country became the only net creditor Latin American country. After the copper price plummeted following the 2007-2010 global financial crisis, threatening the Chilean economy, Velasco then used these reserves on stimulus spending for subsidies and tax cuts policies now being praised for their positive social impact His popularity reversed from one of the most reviled politicians to one of the most admired. Political leadership and presidential candidate After serving as Chilean Finance Minister, Velasco expressed his intention to run for President of Chile, during a July 2011 interview with Que Pasa, a Chilean television program. Velasco ran in the primary of the Nueva Mayoría, a coalition of centre-left parties in Chile. Velasco officially launched his candidacy on May 15, 2012. In the June 30th primary, Velasco achieved second place with 13% of the popular vote total. Velasco finished second behind former Chilean President Michelle Bachelet. On October 7, 2012, Velasco started a new political movement called Fuerza Pública, which was later renamed Ciudadanos, or “Citizens.” Velasco became president of the Ciudadanos party on December 11, 2016. He competed in the parliamentary elections of 2017 for a senatorial seat representing the Maule region. He obtained 10.5% of the votes and narrowly missed being elected senator. Return to academia In August 2018, Velasco became the inaugural dean of the newly created LSE School of Public Policy, which is housed at the London School of Economics and Political Science. During its official launch ceremony in November 2018, he remarked that the School of Public Policy will strive “to understand the causes of things for the betterment of society,” as outlined by LSE's founders. As dean, Velasco serves as a frequent speaker at campus events, teaches a course on macroeconomics, and hosts monthly dean dialogues aimed at providing students with a platform for discussion. Since 2001, Velasco has written a bimonthly column for Project Syndicate. As dean, he has continued to write articles on a wide range of topics for Project Syndicate, including populism and macroeconomic policy. In 2021, Velasco was appointed to the World Bank–International Monetary Fund High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth, co-chaired by Mari Pangestu, Ceyla Pazarbasioglu, and Nicholas Stern. Recognition Velasco has received several distinctions, such as the Award for Excellence in Research granted by the Inter-American Development Bank (IDB), in recognition for his contributions