It was founded by Rafael Ángel Calderón Guardia and Otilio Ulate Blanco, and espoused social welfare[1] and a free market.

In the 1966 general elections, they won the presidency with José Joaquín Trejos Fernández.

In the 1970 elections, they ran former president Mario Echandi Jiménez; they lost the presidency due to the return of the hero of the civil war, José Figueres Ferrer, nevertheless they managed to hold on to 22 seats in the Legislative Assembly.

[2] In the 1974 elections, they ran Fernando Trejos Escalante for president, but he was easily defeated by Daniel Oduber Quirós, and altogether they won only 16 seats in the Legislative Assembly.

Francisco Calderón Guardia died in 1977, which was the death knell for the party.