Argentinians Maria Marty, the CEO of the AynRand Centre LATAM, and her brother Eduardo Marty, an accomplished professor of economics who has worked and taught all over Latin America discus the astonishing rise to power of Javier Milei, a staunch advocate of free markets and sound money, who on December 6 was overwhelmingly elected as Argentina’s new President by a popular margin of 55.5%. This development has stunned analysts and pundits, including my two friends, Maria and Eduardo. You might be surprised to learn who may have propelled Milei’s conversion from a mainstream economist to a champion of free markets.
How Javier Milei’s Free-Market Policies Lifted Argentina Out of Recession
Milei delivered his “shock therapy” plan in the first few months of his presidency. Tens of thousands of state workers were cut as were more than half of government ministries, including the Ministry of Culture, as well as the Ministries of Labor, Social Development, Health, and Education (which Milei dubbed “the Ministry of Indoctrination”). Numerous government subsidies were eliminated, and the value of the peso was cut in half.