It is high time to rub our eyes and take a closer look at the global economic trends of the past year. The real structural break—contrary to the spirit of the times—is taking place in a nation that was previously known for good soccer, good beef, and good wine: Argentina.
It is a country that was one of the richest in the world in the 1920s, but since then has squandered all its (enormous) opportunities over many decades through an excessive state apparatus, high public debt, regular state bankruptcies, and high inflation, almost regardless of who was in government. The ideology of “Peronism” prevailed – a crude mixture of devout state socialism and corrupt state practices. Javier Milei, who has been president for a year and a half, has put a radical end to this.
His liberal economic and financial program of drastic cuts brought drastic reductions in…
