By George Christiansen, Editor-in-Chief 2024-2025.

‘Viva la libertad, carajo!’ Long live Liberty, Goddamit! The catchprase of Javier Milei, Argentina’s recently elected, chainsaw-wielding president is echoed across a country that has suffered a century of decline. 100 years ago, Argentina was one of the richest countries in the world. Western, developed economies, such as Germany and the United States were seen as equals. In the 43 years up to 1914, Argentina had the highest growth rate in the world at 6% annually. European migrants flocked to the bountiful plains of the gem of South America. In 1914, over half of the population of the Argentine capital, Buenos Aires, was born in Europe.

Yet the gold-studded Argentine success story is now just that; a story, a fantasy of times long past. The former envy of the world has become a stark example of the grave consequences of economic mismanagement and political incompetence. Nowadays, the country is beset by widespread poverty and corruption and the state is supported by loans from the IMF, which lends only to countries in very dire economic circumstances. In the last 65 years, Argentina has taken out 21 loans from the IMF and is currently its largest debtor. The causes of Argentina’s stark decline are manifold and hotly debated. The decline of globalisation greatly harmed an economy highly integrated with the global market, particularly the sale of renowned Argentine beef. But this alone does not cause a century of decline. Other events too must be culpable.  

In 1946, a populist revolutionary, Juan Peron, transformed the country’s fortunes for the worse, with dire consequences which are still being tackled 80 years on. Peron established protectionist measures and built a large welfare state, with subsidies and benefits provided far beyond the means the country could afford. Argentina has struggled for the past 80 years to combine consistent economic growth with the welfare state of a developed country but a developing economy and has been beset by populism and political instability.

Amidst the thick fog of gloom that has settled over the Argentine economy for the last 80 years, a flicker of light has emerged in the form of Javier Milei. The eccentric, libertarian president has vowed to take a chainsaw to the state, to dismantle the enormous welfare handouts that are far beyond what Argentina can afford, which have hindered its growth and the people’s prosperity. He promises to slash bureaucracy and red-tape and whilst this will in the short-term be very painful, he plans to propel Argentina into a developed economy and promote a new age of affluence. Milei remains popular with the Argentine people who are seriously disillusioned with the political establishment; although the short-term impact of his reforms has weakened the economy and plunged many more into poverty,  Milei has absolved himself from blame, criticising the grave incompetence and mismanagement of the established political elite, the ‘caste’ as he calls them.

Will Milei succeed? It is undoubtable that Argentina is in dire need of drastic reform. Milei has promised a lot and has thus far seemingly delivered. Whilst some of his reforms are caught up in Parliament, where his party holds only a small minority of seats, he seems on track to deliver much of his agenda and potentially revitalise Argentina. The libertarian approach of the new president holds appeal; an ardent supporter of capitalism and globalisation he intends to set his country on the well-trodden path to riches. On Milei’s desk sits a bust of the former British Prime Minister, Margaret Thatcher, with whom his country fought a war just 42 years ago over the Falkland Islands, showing his deep-held commitment to liberalism and economic freedom. Great, and much needed change is coming. The people have endured much suffering, but the future seems bright.

There’s been a lot of tears, but Milei doesn’t want us to cry for you, Argentina.