Libertarian Candidate Javier Milei Wins The Presidental Election In Argentina

I wrote an article about this disruptive presidential candidate for the Argentinian elections a few months ago. Javier Milei, an economist, professor and author, has strongly criticized the political establishment in Argentina and has waged a “cultural battle” against socialism, labelling this political ideology a “mental illness.”

As of the time of writing, it looks like Milei has won the presidential election. His opponent, the Peronist candidate Sergio Massa, admitted his defeat before the official results were announced. He further claimed that it is now Milei’s responsibility to offer solutions. 

Milei advocates for Austrian Economics and free markets, considering himself an anarchocapitalist – at least from a theoretical standpoint. In practice, he regards himself as a minarchist. Whatever the case, he is a breath of fresh air in a political climate where socialism and repression prevail over freedom. Only time will tell if he helps Argentina get back on its feet and become the rich nation it was in the 20th century.

Puerto Madero, Argentina

ARGENTINA’S POLITICAL AND ECONOMIC SCENARIO

Argentina needs radical solutions to palliate what looks like a never-ending crisis. Problems like hyperinflation, a rigid monetary policy and large budget deficits have weakened the Argentinian economy and impoverished almost half of the population. 

Milei has masterfully capitalized on people’s disappointment toward the Peronist regime. As a libertarian, he has been able to break down economic concepts to the masses, convincing millions of voters that his ideas are necessary to boost the economy and make Argentina a prosperous nation. 

These days, Argentina has become a difficult place to live for the average Argentinian. Seeing that your money loses almost all of its value overnight hinders your ability to save, spend and invest. This has prompted many to escape the country and move to neighboring countries like Uruguay. In my recent trip to Uruguay, two of the real estate agents I collaborated with had moved from Argentina around a year ago.

Argentina was once a prosperous country, attracting millions of people from Europe, especially Spain, Italy and Germany. However, ever since socialism governed the country, Argentina has been dealing with many issues that nobody wanted to solve. The only ones who benefitted from this perpetual crisis were politicians, but Milei wants to put an end to this. 

With massive currency devaluations, nobody wants to use the Argentinian Peso and the only ones who really benefit from this situation are those earning in stronger currencies like the dollar. Cities like Buenos Aires still have vibrant nightlife and leisure places at a fraction of the cost of other places in the world. However, Milei wants to improve the country’s economy and, most importantly, solve the structural problems that affect the average Argentinian. 

Javier Milei, the new president of Argentina

CONCLUSION

Among other measures, Milei wants to abolish the central bank, dollarize the economy and strive for fiscal responsibility. Personally, I’m not a big fan of politics, and although I’m libertarian, I accept there’s no perfect country that will tick all my boxes. However, I choose places where my clients and I can find better opportunities and live better lives. I don’t recommend Argentina as much, but I do love Uruguay. All I can say is that we’ll be keeping an eye on the Milei Administration and the results they get. 

Argentina is in a very complicated situation now, but at least this new president is willing to make a real change, reduce the size of the state and allow for more private enterprise. However, some of his measures – if not all of them – might come across as “unpopular” in the eyes of the majority.