Profile in Courage: Javier Milei

There’s been plenty of focus in the U.S. on America’s change in leadership and what that change might portend for the size of government and the economy. Fortunately, recent news from Argentina can guide President Trump on which policies would deliver the goods (cheaply) for taxpayers and consumers. As Reason staff editor Katarina Hall recently noted, “Argentina’s annual inflation rate fell to 117.8 percent in 2024, marking a significant drop of 93.6 points compared to the record 211.4 percent inflation rate of 2023 … December marked the third consecutive month in which prices rose by less than 3 percent.”

This is a huge deal in a deeply unstable country helmed by a brave man resolved to end the misery. Argentinian President Javier Milei has dedicated his life to espousing the benefits of free markets and warning of the unintended consequences of a “grande” government. President Milei deserves plenty of credit for bringing inflation down and getting his country’s finances back on track. 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 classically liberal thinkers such as Friedrich Hayek, Ludwig von Mises, and Milton Friedman, who persuasively made the case that 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 expensive and 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 an opportunity to right the ship. In what has been 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 and implement his unorthodox ideas. “The Madman” sharply reduced spending right off the bat and achieved a fiscal surplus after just a month in office. He has also slashed distortionary energy and transportation subsidies, which artificially fueled demand and sent all the wrong price signals for production and consumption. President Milei also went on a deregulation bender, eliminating nearly two regulations each day. Argentina’s leader has dared to think outside the box, even championing a new way of certifying food safety. Instead of having costly government inspections of inbound food products, food imported and already certified from countries such as the U.S., U.K., Canada, and Japan will be automatically deemed as safe under the Argentine Food Code. There will be no more superfluous inspections on taxpayers and consumers’ pesos.

President Milei has only been in office for one year, but he has already turbocharged Argentina and given her citizenry a chance at a decent future. And, for giving his people hope for the future, “El León” is truly a Profile in Courage.