In its November 28th, 2024 issue, The Economist delved into the extraordinary first year of Javier Milei’s presidency in Argentina, framing it as a bold experiment in free-market reform. Milei identifies as a libertarian, specifically an anarcho-capitalist, and his first year as Argentina’s president has been a radical experiment in free-market reform, offering a bold contrast to the global trend of expanding government. With his chainsaw-wielding campaign style and Thatcherite economic vision, Milei has slashed public spending, halved ministries, and reduced inflation dramatically, reviving Argentina’s battered economy. However, his austerity measures have fueled rising poverty, and his eccentric personality risks diverting focus from his economic mission. Despite these challenges, his coherent policies and willingness to confront hard truths offer valuable lessons on tackling bloated governments and runaway debt—lessons that resonate far beyond Argentina, even for policymakers in Washington.
I’ve been following Javier Milei’s ascent to fame—and eventually to power—for quite some time. The first time I heard of him was long before his election as Argentina’s president.
Back in the 2010s, some of my friends from European Students for Liberty (ESFL)—a network of classically liberal and libertarian students—shared his television appearances in Argentina with admiration. His charisma and fervour when discussing economics and free markets were striking, but I never imagined then that he would one day rise to the presidency.
At the time, I still identified as a libertarian, and his socio-economic views strongly resonated with me. Today, however, I’ve distanced myself from that label. While I still lean toward pro-free-market principles, my perspective has shifted to become more centrist and pragmatic—less idealistic and dogmatic than it once was.
Milei strikes me as an intense and polarizing figure—almost unhinged at times in his behaviour. Adding to this impression are his somewhat bizarre relationships with his dog and his sister, which make him feel like a character straight out of a comedy TV series—one Netflix would likely brand as "quirky" and "irreverent."
He’s highly idealistic, with a tendency to see the world in black-and-white terms. I find his divisive rhetoric troubling, especially his habit of labelling political critics as “socialists” (even when they aren’t) or accusing them of ulterior motives.
But isn't this kind of behaviour just a result of Argentina’s current political culture? And it’s surely not exclusive to Milei. The Peronists and the far-left have engaged in this approach for decades, and sadly, it mirrors a growing global trend.
One of my main concerns about Milei is his overconfidence in his own vision. While his reforms might have merit in the long run, the speed and drastic nature of their implementation risk alienating the public before any positive outcomes materialize. If public dissatisfaction grows too strong, it could lead to backlash, making future, more moderate market-oriented politicians hesitant to act out of fear of being labelled a "new Milei".
That said, it’s undeniable that Milei has achieved some initial successes, and I believe his economic direction is a step forward for Argentina.
The Economist is correct in describing him as, in some ways, the opposite of a populist:
Like them or not, Mr Milei’s policies align with each other, which magnifies their effect. Unlike Mr Trump, he has not promised to unleash the power of markets and consumers in one breath, and to protect businesses from competition in the next. By winning the argument for tough but vital reform, he has shown that voters used to sugar-coated banalities can in fact be trusted with hard truths.
That’s very true. While he embraces certain populist aesthetics—particularly his flamboyant persona and fiery rhetoric—his policies appear rooted in a coherent and consistent ideology. He doesn’t sugarcoat his proposals or make contradictory promises just to win votes.
I sincerely hope his reforms succeed because Argentina urgently needs serious free-market changes to escape decades of stagnation under Peronist rule and begin functioning more like a Western liberal democracy.
This brings me to a critical point that many miss in the broader “rise of populism around the world” narrative: while other nations risk falling into the populism trap, Argentina has been trapped there for decades, long before the appearance of Milei.