He intends to cut ties to the World Bank and the IMF, and has threatened a moratorium on foreign debt payments to free up money for social programs.
Recent polls show 75 percent of Ecuadorians support his plans.
"Our hope is that with this new government there will be jobs, work, health care, education," said Maria Condor, 45, a Quechua-speaking vendor in Quito's San Roque market.
But Santiago Nieto, director of the Informe Confidencial polling firm, warned that Correa's support was based on inflated expectations and could easily fall.
"The people are expecting a lot more than he can deliver," Nieto said. "They view the constitutional assembly as a magic wand."
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