In reconstructing the history of Peruvian neoliberalism since the late 1930s, this article demonstrates that Peru represents the first historical case of a dictatorship—specifically Odría's 1948 coup d’état—supporting free-market policies in South America, predating Chile's experience in 1973. Furthermore, it identifies a continuity between these policies and those of Peru's democratic regime in the late 1950s, particularly through the antistructuralist views on economic development shared by figures such as Pedro Beltrán and Rómulo Ferrero, as well as ordoliberals affiliated with the Peruvian Christian Democracy. This history challenges the narrative that Latin American neoliberalism was merely the passive adoption of ideas transferred from the United States and Europe. Instead, Peruvian neoliberals actively leveraged their connections with American and German counterparts to legitimize their policies domestically and present their neoliberal blueprints as successful economic models abroad. Drawing on Peck's concept of neoliberalization, this article employs a dynamic interpretive model to illustrate neoliberal policies as a feedback loop, moving from ideas to structures and back again. It demonstrates how neoliberals have shaped fiscal and monetary policies, the role of the state, and economic development within a unique Latin American context.