Javier Millay, a libertarian economist, won the presidential election in Argentina with 56% of the votes. His campaign promises to take a different approach from the government’s previous policies, including shutting down government offices and central bank as part of the “dollarization” process to combat hyperinflation. Despite criticism about his eccentric hobbies and love for dogs, Millay has been popular with various groups in Argentina due to his criticism and attacks against the country’s leadership.
The rise of Millay in Argentine politics is attributed by some to former President Cristina Fernandez de Kirchner’s mismanagement as Minister of Economy. However, Lev Ari argues that the ability to control the entire economy by the government has resulted in a widening gap between the rich and poor in Argentina. The country has been struggling with economic issues, poverty, and high inflation despite past attempts at stabilization.
Professor Rein suggests that Argentina’s economic problems stem from its role as a food producer, reliance on capital outside the financial system, and the collapse of Peronism. The country failed to change or develop during times of economic prosperity in Western terms, making it difficult for the government to effectively manage the situation or take action.
Millay’s party received only 37 seats in Congress out of 257, but he has been praised for tapping directly into real problems facing Argentina while creating a narrative that suggests current leadership does not represent people’s will and failed policies. Now as president, many hope he can provide solutions to these challenges.