2024 was the year of Javier Milei. Unquestionably. Elected president with a program that seemed utopian, he quickly transformed theArgentina in a revolutionary political and economic laboratory. As an outsider of the system, with a direct and often controversial communication style, he, in possession of a solid theoretical background that has its roots in the territory of classical liberalism, has carried out an agenda of radical changes that have shaken the country and captured the attention of the entire world.
His tenure began with strong, symbolic and immediate decisions. As soon as he took office as head of his country, he signed a decree of necessity and urgency (DNU), an instrument provided for by the Argentine Constitution, which allows the prime minister to legislate directly in extraordinary situations, temporarily bypassing Congress, to quickly initiate economic and institutional reforms . With this measure he provided in particular for the elimination of price controls, with the aim of restoring the free functioning of the market, and a drastic reduction in public spending by cutting state subsidies, considered unsustainable.
He also initiated the divestment of inefficient state-owned companies to encourage privatization and attract private capital, and outlined the deregulation of trade, opening the domestic market to competition from foreign products. It also ordered the liberalization of the real estate market, restoring full freedom to owner-tenants, eliminating regulatory constraints that for years had stifled investments, rarefied the supply of properties and jeopardized the economy as a whole. It has also launched an extensive privatization program in the energy and transport sectors, which has attracted foreign capital, opening up new opportunities for development. All accompanied by a severe restructuring of public spending and a plan to streamline bureaucracy, which has always been one of the main burdens of the Argentine economy.
On the monetary frontthe Argentine prime minister laid the foundations for thedollarization of the economy, with the aim of tackling hyperinflation and stabilizing the monetary system. To this end, it has adopted a strategy that, while not immediately eliminating the Argentine peso, aims at gradualdollarisation. This transition was accompanied by rigorous fiscal policies to combat inflation, which in Argentina has reached unsustainable levels. The stability of the currency, as Friedrich A. von Hayek argued, is an essential condition for guaranteeing prosperity and economic freedom. And the South American leader has shown that he deeply believes in this vision, managing to restore a certain stability in the financial markets in the first few months.
His policies also had an echo beyond national borders. Argentina, for years a symbol of economic crisis, has returned to being a international point of reference. Several countries are now looking with interest at the “Milei model”, considering the reforms it has implemented as an example of political courage and innovative vision. It is not surprising, therefore, that the same Argentine president received prestigious awards during the year. These include awards from institutions such as the Fraser Institute and the Cato Institute for his commitment to promoting economic freedom.
On the international planMilei has been invited to speak at high-level fora, including the World Economic Forum, where he highlighted the importance of breaking down barriers to the free market. These are recognitions that not only demonstrate the value of his work, but consolidate his image as a leader capable of restoring dignity to the country.
Ultimately, 2024 was a year of epochal transition for Argentina, which nevertheless, as already underlined at the beginning, will go down in history as the year of Javier Milei. The latter has in fact demonstrated that “ideas and only ideas can illuminate the darkness”, as Ludwig von Mises wrote, and that with clear ideas and determined action a sick system can be overturned, restoring trust and hope in a country. long devastated by failed policies. His authentically and thoroughly liberal vision not only changed the course of Argentine history, but also laid the foundations for a model that could inspire the entire world.
In a time of global uncertainty, his success proves that economic freedom remains the main road to human progress. In line, moreover, with what he declared: «For more than 100 years, politicians have insisted on defending a model that only generates poverty, stagnation and misery. A model that considers that citizens exist to serve politics and not that politics exists to serve citizens. A model that considers that the task of a politician is to direct the lives of individuals in all possible fields and spheres. A model that considers the State as a spoil of war to be distributed among friends. Gentlemen, that model has failed. It has failed all over the world, but above all it has failed in our country.”
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