Víctor Emilio Estrada Sciacaluga (Guayaquil, Ecuador, May 22, 1891 – Guayaquil, Ecuador, February 21, 1954) was a prominent Ecuadorian banker, economist, military strategist, author, and politician. The son of former Ecuadorian President Emilio Estrada Carmona, Estrada played significant roles in shaping Ecuador’s financial system, notably as General Manager of La Previsora and a key advocate for the establishment of the Banco Central del Ecuador. He briefly served as Minister of Finance, proposing the ambitious yet controversial “Plan Estrada,” and held various public service roles, including President of the Cantonal Council of Guayaquil. Estrada also made notable literary contributions, publishing influential works on economic policy and military strategy, cementing his legacy as a transformative figure in Ecuador’s history.
Early Life and Education
Víctor Emilio Estrada Sciacaluga was born on May 22, 1891, in Guayaquil, Guayas, Ecuador, as the firstborn son of former Ecuadorian President Emilio Estrada Carmona and María Victoria Sciacaluga. Raised during a politically turbulent era, Estrada’s formative years were influenced by his father’s active involvement in the Liberal Revolution.
Estrada attended the Colegio Nacional Vicente Rocafuerte, completing a basic education with average academic performance. Following his mother’s death from cancer in 1909, Estrada became deeply interested in military strategy, particularly the campaigns of Napoleon Bonaparte. After finishing school, he briefly served in the navy and later joined the army in 1910. By 1911, his autodidactic skills and dedication earned him the rank of captain.
Military and Early Career
When his father became President of Ecuador in 1911, Estrada supported him actively, including undertaking diplomatic missions to Europe to oversee national contracts. Estrada received devastating news of his father’s death while on this mission in December 1911.
After his return to Ecuador in 1912, Estrada withdrew from military service following political turmoil but briefly rejoined during the 1913 Carlos Concha revolution. He later pivoted to business and public administration, notably serving as Captain of the Port of Guayaquil with a naval rank equivalent to Captain.
Personal Life
On April 20, 1912, Estrada married Isabel Icaza Marín. The couple had eight children, many of whom went on to achieve prominence in various fields: Isabel, María Del Pilar, Emilio, Julio, José, Luis, Ernesto, and Leonor. Estrada balanced family life with his professional growth, focusing on self-education in economics and finance.
Banking and Economic Career
Estrada’s transition into finance began with his appointment as Interventor de Hacienda del Guayas in 1917. His innovative financial writings, including essays on public finance and monetary policy, garnered attention from the business community. In the early 1920s, he became General Manager of La Previsora, a then-small savings institution.
Under his leadership, La Previsora experienced significant growth, establishing Estrada as a key figure in Ecuadorian banking. Following the banking crisis of 1925, he played a crucial role in reforming the financial system and promoting the establishment of the Banco Central del Ecuador, facilitated by the Kemmerer Mission.
In 1934, Estrada briefly served as Minister of Finance under President José María Velasco Ibarra. He proposed the “Plan Estrada,” an innovative economic reform program. However, opposition from conservative factions led to his resignation.
Later Public Service
In 1936, Estrada organized the Brigada de Guardias Nacionales, a volunteer military unit to counter potential aggression from Peru. By 1939, he retired from active military roles and returned to private ventures. In 1944, Estrada served as President of the Cantonal Council of Guayaquil, steering the city during a period of political instability.
Literary Contributions
Estrada was a prolific writer on economic and military subjects. His works include “Moneda y Bancos en el Ecuador” (1925), a seminal analysis of Ecuador’s monetary challenges and proposals for stabilization. He also authored historical, financial, and strategic essays, contributing significantly to intellectual discourse in Ecuador.
Selected Works
- 1918: El Problema Vital del Ecuador, Fuertes o Esclavos
- 1919: El Problema Vital del Ecuador. Hacienda Pública
- 1921: La Tendencia del interés en el Ecuador
- 1921: Voto razonado del Delegado de la Compañía de Préstamos y Construcciones de Quito ante la Junta Consultiva Económica de Guayaquil
- 1921: Estudio sobre el Presupuesto
- 1921: Moratoria o Conversión
- 1922: Ensayo sobre la balanza económica en el Ecuador
- 1923: The Incautation, an Important Financial Essay
- 1923: La Inconvertibilidad del billete bancario y su solución
- 1925: Moneda y Bancos en el Ecuador
- 1927: Una reciente estabilización monetaria en Sudamérica. El Banco Central del Ecuador
- 1935: La situación económica en sus relaciones con el Banco Central del Ecuador. Crítica de la política económica. Enero – Marzo de 1935
- 1937: Cuatro Estudios Militares
- 1941: Pro Patria. Documento del pasado. Experiencias para el futuro
- 1941: Vida de un Hombre. Emilio Estrada
- 1949: South América. In or Out?
- 1950: Treinta años de vida institucional
Death and Legacy
Víctor Emilio Estrada died on February 21, 1954, at age 62, from pancreatic cancer in Guayaquil. He was buried in the Cementerio General de Guayaquil. Estrada’s contributions to Ecuadorian finance, politics, and literature remain influential, with his work often cited in discussions of the country’s economic history.
Through his writings, public service, and reforms, Estrada exemplified a commitment to national progress, leaving a legacy that extends beyond his lifetime.