LA PAZ, Bolivia — Three months ago, Rodrigo Paz was a little-known Bolivian opposition senator with a famous father. Now he’s the first conservative to win a presidential election in the country in 20 years.

To widespread surprise, Paz, 58, beat out his far more prominent right-wing opponent, former President Jorge “Tuto” Quiroga, in Bolivia's presidential runoff on Sunday. He will be inaugurated Nov. 8.

Paz inherits an economy in shambles after 20 years of rule by the Movement Toward Socialism party, founded by charismatic former President Evo Morales. The party had its heyday during the commodities boom of the early 2000s, but natural gas exports have sputtered and its statist economic model of generous subsidies and a fixed exchange rate has collapsed.

With U.S. dollars scarce and ch

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