Chileans appeared to lurch left when they elected President Gabriel Boric in December 2021. But high-crime rates and a weak economy have caused many to reconsider. Mr. Boric is Sunday’s biggest loser.

The new majority in the assembly implies that the free-market, limited government ideals that made Chile an economic superstar are back in vogue. Sunday’s big winner is the Republican Party, which won 23 seats in the assembly, and its leader, former presidential candidate Jose Antonio Kast. Mr. Kast is a conservative and institutionalist. The peso and the local stock exchange have rallied since Monday.

There is still danger ahead, as a constitutional draft will have to be approved in a national referendum in December. The challenge for the assembly will be to enshrine property rights, the rule of law and political competition in the draft and sell it to the public. Sunday’s vote gives Chile a better chance to sustain the democratic structure that made it a rare Latin American success story.

[Perhaps Americans can take a lesson from the Chileans. — Ed]