Javier Millay, a libertarian economist with a reputation for eccentricity and love for dogs, won the presidential election in Argentina with 56% of the votes. His victory was seen as an alternative to the state’s previously implemented policies, which included promises to close government offices and shut down the central bank as part of the “dollarization” process. The move was prompted by hyperinflation that led to an annual inflation rate of 142%.
It is unclear how Congress will govern in practice with Millay as president, but critics question what led to his rise in Argentine politics. Some believe it was more a result of Massa’s failure as Minister of Economy in the previous government rather than Millay’s own merits. Despite his eccentricities, Millay has been popular among various groups in Argentina due to his criticism and attacks against the country’s leadership.
The country has been facing economic issues such as poverty and high inflation, which have only worsened under previous attempts to stabilize the economy. Millay’s party received only 37 seats in the House of Representatives out of 257, while the previous government party still holds most seats. Prof. Rein argues that Argentina’s economic problems tie back to its role as a food producer, reliance on capital outside of the financial system, and collapse of Peronism.
Millay’s promises tap directly into real problems troubling Argentina while creating a narrative that suggests current leadership does not represent people’s will and failed policies. Now, he hopes he can provide solutions as president.
Millay has promised to take a different approach than what has been implemented before by closing government offices and fully shutting down the central bank as part of the “dollarization” process. The move comes after years of hyperinflation that led to an annual inflation rate of 142%. It remains unclear how Congress will govern with Millay at president.
Critics question what led to Millay’s rise in Argentine politics, suspecting it came more from Massa’s flaw than his own merits.
Despite being considered eccentric with his love for dogs and hobbies, Millay has been popular among various groups in Argentina due to his criticism and attacks against country leadership.
The country has been struggling with economic issues such as poverty and high inflation for years now.
Prof. Rein argues that Argentina’s economic problems tie back to its role as a food producer, reliance on capital outside of financial system