Ecuador has been a constitutional republic with a democratic government since 1976. The government consists of three main branches: executive, headed by a president, currently Rafael Correa (since January 2007); legislative, the National Assembly, with representatives from dozens of political parties that constantly come and go; and judicial.
Political instability has plagued Ecuador in recent years, and subsequently the country has witnessed a procession of incompetent and/or corrupt leaders. Eight different presidents have risen to and fallen from power in the last decade, and Ecuadorians are generally frustrated with their politicians, as is often demonstrated in street protests. In April 2005, popular protest against unconstitutional actions by former President Lucio Gutierrez brought an early end to his term.
Then vice-president Dr. Alfredo Palacio took over shortly after congress voted to remove Gutierrez from office. U.S.-trained economist Rafael Correa was elected president in November 2006 and sworn in to replace Palacio as president in January of 2007. Later that year, several elected members of Congress were charged with violating campaign laws and were subsequently thrown out.  In September 2007 a constitutional assembly was voted into power and drafted a new constitution—Ecuador’s 20th since gaining independence—which was then approved by voters in September 2008. 
The new constitution gives the executive branch more control, and allows two consecutive four-year terms for the president, vice president and National Assembly members. While supporters welcome the idea of of a more stable government with longer elected terms, opponents fear the president’s increase in power could lead to autocracy.  The new constitution also includes world first: a bill of rights extending unalienable rights to nature. Although this could certainly benefit the biologically diverse and dense country, some skeptics wonder how successful the government will be in terms of implementing this unprecedented concept.
Ecuador is currently transitioning from the old constitution to the new one; the first election under the new constitution will be held in April of this year (2009), and will include elections to the legislative, municipal, provincial and also the Andean Parliament.