Javier Millay, a libertarian economist, has been elected as the President of Argentina with 56% of the votes. He has pledged to take a different approach from the previous government and promised to close government offices and fully shut down the central bank as part of the “dollarization” process. This move comes in response to the hyperinflation that led to an annual inflation rate of 142%, which has affected the economy negatively.
Millay’s rise in Argentine politics is still not entirely clear, but many believe it was due to Massa’s flaw as Minister of Economy in the previous government. Despite his eccentricities, such as his love for his four dogs and unique hobbies, Millay has been popular among various groups in Argentina due to his criticism and attacks against the country’s leadership. The country has been grappling with economic issues, poverty, and high inflation for years.
Lev Ari argues that Argentina’s economic problems can be attributed to its reliance on capital outside of its financial system and its role as a food producer. Prof. Rein believes that these issues tie back to Peronism’s collapse and how Argentina failed to change and develop during times of economic prosperity in Western terms. Despite this, Millay’s party only received 37 seats out of 257 in the House of Representatives, while “The Union for the Motherland” still holds most seats.
As President-elect, Millay promises to address the real problems troubling Argentina while creating a narrative that suggests current leadership does not represent the will of the people and failed policies have resulted in these problems. People are hoping he can provide solutions for their struggling economy.