Profile in Courage: Javier Milei

For all of America’s fiscal fumbles, U.S. citizens can at least expect their government to (mostly) protect property rights and allow them a shot at the American dream. Not all countries can say the same. Argentina was once an economic dynamo, with living standards on par with the richest nations in North America and Europe. The good times did not last. Free markets gave way to big government populism, and an ever-growing government impoverished Argentina. Now, there’s hope that things will finally turn around. President-elect Javier Milei has dedicated his life to espousing the benefits of free markets and warning of the unintended consequences of a grande government. For leading the charge for a better future in a deeply troubled country, Javier Milei is a Profile in Courage.

From the start, Milei has been a colorful character. Few politicians in any country could say they sang in a Rolling Stones cover band and played as a goalkeeper in a football club (no, the other fútbol). His curious political ideology also turned heads and raised eyebrows. While attending the University of Belgrano, Milei developed a keen interest in economics and political philosophy. Milei delved into the works of classical liberal thinkers such as Friedrich Hayek, Ludwig von Mises, and Milton Friedman, who persuasively made the casethat regulations and out-of-control spending and taxation were a recipe for ruin. These ideas had fallen on deaf ears in Argentina, where hyperinflation made (and continues to make) procuring basic necessities far too difficult.

After earning his undergraduate degree and multiple master’s degrees, Milei made it his mission to bring free markets back to Argentina. His storied two-decade career as an economist included positions at HSBC Argentina, Máxima AFJP (a private pension company), and Estudio Broda (a financial consultancy). Milei didn’t set out to collect fancy titles; the ardent libertarian contributed to the field with more than fifty academic papers. One paper from 2017 perfectly describes Argentina’s calamitous situation: “the country’s economic growth has been falling sharply….there is no creation of steady jobs and trade levels are down 20 percent compared to historical highs….a study of national competitiveness prepared by the World Economic Forum shows our country in 140th place in a sample of 141 countries, where we have only failed to surpass the formidable achievements of the Venezuelan model, which with so much effort (economic and social) we try to copy every day.”

But, unlike the politically stagnant Venezuela, Argentina chose to try something different and gave Milei a shot. In what is being described as a “political earthquake,” Milei ran for president wielding a chainsaw and upset left-wing economic minister Sergio Massa in a runoff race. During the race and after his victory, Milei was unafraid to champion his unorthodox ideas. “The Madman” has proposed reducing bloated welfare payments and promises to shut ministries (agencies) such as culture, health, and education that he views as having failed their mandate. Milei has also vowed that, “[e]verything that can be [put] into the hands of the private sector, will be in the hands of the private sector” and is eager to privatize Argentina’s state energy company YPF. But, Milei’s most controversial and talked-about idea is his dollarization scheme. The statesman has repeatedly bemoaned the “fraud of the peso,” in which politicians print local currency like there’s no mañana and create 140 percent inflation. Milei believes that putting Argentina on the dollar would end this sorry status-quo by tethering his country to a more stable currency printed at a far slower rate. While there would surely be transition woes, changing Argentina’s monetary system is preferable to the failed current system.

It remains to be seen whether Javier Milei can bring to bear the changes he so desperately seeks. Even a handful of his proposals could turbocharge Argentina and give her citizenry a chance at prosperity. And, for giving his people hope for the future, “El León” is truly a Profile in Courage.