Javier Millay, a libertarian economist, has won the presidential election in Argentina with 56% of the votes. His victory came as a result of his promise to take a different approach from the previous government, which he pledged to close government offices and shut down the central bank as part of the “dollarization” process. The move was made in response to the hyperinflation that led to an annual inflation rate of 142%.
Despite his eccentricities and love for his four dogs, Millay has been popular with various groups in Argentina due to his criticism and attacks against the country’s leadership. Critics question what led to Millay’s rise in Argentine politics, suspecting it was more due to Massa’s flaws as Minister of Economy in the previous government. However, Lev Ari believes that the ability to control the entire economy by the government has resulted in a gap between the rich and poor in Argentina. He also notes that past attempts by Argentina to stabilize its economy have failed.
Professor Rein argues that Argentina’s economic issues are linked to its role as a food producer, reliance on capital not within the financial system, and Peronism’s collapse. Despite failing to change or develop during times of economic prosperity in Western terms, this hindered their ability to effectively take control of economic crises or act on them.
Millay seems to tap directly into real problems troubling Argentina while creating a narrative suggesting current leadership does not represent people’s will and has resulted in failed policies. As President now, people hope he can provide solutions.