After libertarian economist Javier Milei surprised the rest of the world by winning the presidency of Argentina in 2023, the question became whether — or how quickly — he could slash government programs, privatize nationalized firms, and set free a flatlining government-controlled economy.
A president can do some things on his own. But Milei requires the cooperation of the legislature to institute many substantial reforms. And for months his legislative agenda has stalled.
Now some of it is being enacted. On June 28, the Chamber of Deputies passed a sweeping package of bills that Reuters dubbed Milei’s “first big legislative win” and Bloomberg’s Manuela Tobias characterized as “deregulat[ing] vast swaths of the economy and boost government revenues.…”
The enacted reforms include provisions to make it easier for employers to fire workers and to deregulate the oil and gas industry. Milei was able to privatize only a few of the dozens of state firms that he wanted the government to unload.
Tobias notes that the passage of Milei’s reform package, “albeit significantly watered down,” is impressive considering that members of Milei’s own party constitute less than 15 percent of the lower chamber.
Milei’s most obvious success has been fighting inflation, which according to Deutsche Welle is “down from around 25 percent per month last December to 4.2 percent this May.” This is a major achievement for a figure outside the mainstream of globalist standard opinion, who has called himself an “anarcho-capitalist” (of all things) and was labeled by the German paper “right-wing populist and economically liberal.”
Terms mean different things in different countries: it’s pretty obvious that Milei’s program has nothing to do with that of American “liberals” such as President Biden and his partisans.
This is Common Sense. I’m Paul Jacob.
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