In the recent presidential election in Argentina, Javier Millay emerged as the winner with 56% of the votes. The libertarian economist promised to take a different approach from the previous government, including closing government offices and fully shutting down the central bank as part of the “dollarization” process. This move was prompted by Argentina’s hyperinflation, which led to an annual inflation rate of 142%.
Despite his eccentric personality and love for his four dogs, Millay has gained popularity in various groups in Argentina due to his criticism and attacks against the country’s leadership. He is also considered an alternative to the traditional parties in Argentine politics. However, it remains unclear how Congress will govern in practice with Millay as president.
Critics argue that Millay’s rise to power may be a result of former Minister of Economy Massa’s flaws. Lev Ari believes that the ability of the government to control the entire economy has contributed to the gap between rich and poor in Argentina. Despite attempts by previous governments to stabilize the economy, Argentina continues to struggle with economic issues such as poverty and high inflation.
Professor Rein claims that these economic problems tie back to Argentina’s role as a food producer, its reliance on capital outside of its financial system, and Peronism’s collapse. She believes that while some Western countries have experienced economic prosperity during these times, they have failed to change or develop economically, making it difficult for their governments to effectively take control of situations or implement policies.
As President, Millay seems poised to address some of these real problems troubling Argentina while creating a narrative that suggests current leadership does not represent public sentiment and has resulted in failed policies. People are hoping he can provide solutions for this struggling country.