Arévalo was constitutionally prohibited from contesting the 1950 elections. The largely free and fair elections were won by Jacobo Árbenz Guzmán, Arévalo's defense minister. Árbenz continued the moderate capitalist approach of Arévalo. His most important policy was Decree 900, a sweeping agrarian reform bill passed in 1952. Decree 900 transferred uncultivated land to landless peasants. Only 1,710 of the nearly 350,000 private land-holdings were affected by the law, which benefited approximately 500,000 individuals, or one-sixth of the population.