Sao Paulo, Brazil ? Latin America’s largest nation is set to elect its first leftist government in four decades, with Luiz Inacio Lula da Silva commanding a wide lead over the ruling party’s candidate in opinion polls.

Today’s second-round vote pits Silva a bearded former union boss against Jose Serra, who left his job as health minister to post his candidacy. At stake is the stewardship over a resource-rich country whose economy is on the brink of recession, with soaring unemployment and staggering social inequalities.

A Silva victory could put the brakes on free-market reforms, give leftist movements in the hemisphere a boost and spell testier relations with the United States.

Known in Brazil simply as “Lula,” Silva began running for president in 1989 as the candidate of the Workers Party, urging landless farm workers to invade private property and calling for a default on Brazil’s foreign debt, which now stands at $230 billion.

However, in the three subsequent presidential campaigns, Silva moderated his radical tone. Foreign investors now appear calm after jitters earlier this year. A 40 percent plunge this year in Brazil’s currency due to alarm over Silva’s stance has begun reversing itself.

During a nationally televised debate Friday night, Serra who has only 36 percentage points in opinion polls compared to Silva’s 64 tried to inject doubt on what his opponent’s party stands for.

“I know the Workers’ Party has changed its positions, but there are some people who still don’t believe it,” Serra said.

The concern that Silva remains a radical has resonated among some voters.

Still, Silva was so confident of victory that when Serra desperately appealed during the debate for his supporters to convince their friends to vote for him, Silva retorted: “I can’t ask my voters to do that, or we’ll have more than 100 percent.”