After President Jacobo Arbenz was overthrown in a C.I.A.-backed coup in 1954, the Guatemalan government reversed his policies and branded him a Communist, all but erasing his brief presidency from history. Nearly six decades later, a democratic Guatemala has promised to restore his legacy and treat him as a statesman. In an agreement signed with Mr. Arbenz's descendants last week, the government promised to revise the school curriculum and grant Mr. Arbenz the treatment afforded to historical heroes. It will name a main highway and a museum wing after the ousted president, prepare a biography of him, publish his widow's memoir and mount an exhibition about him and his legacy in the National History Museum. The post office will even issue a series of stamps in his honor. After winning the presidency in a landslide election in 1950, Mr. Arbenz began an effort to modernize the economy, including a land-redistribution program that angered American corporations and the United States government. President Eisenhower, convinced that Mr. Arbenz was giving the Communists a foothold in the Americas, authorized a coup that ousted the Guatemalan president in nine days.