Javier Millay, a liberal economist, has won the presidential election in Argentina with 56 percent of the vote. He promises to take a different approach than the country has previously taken, vowing to close government offices and shut down the central bank entirely as part of the “dollarization” process. This is in response to hyperinflation which led to an annual inflation rate of 142%. It remains unclear how Congress will act in practice with Miley as president.
Despite being considered eccentric due to his love for his four dogs and eccentric hobbies, Millai was popular among various groups in Argentina for his criticisms and attacks on the country’s leadership. The country suffered from economic problems, poverty and high inflation. Critics have questioned what led to Miley’s rise in Argentine politics, suspecting that it was more due to Massa’s mistake as economy minister in the previous government.
Lev Ari believes that the ability of the government to control the entire economy has led to the gap between the rich and poor in Argentina. Previous attempts by Argentina to stabilize its economy have failed. The government continues to struggle with its economic crisis. Mili’s party, “Freedom is progressive”, received only 37 seats out of 257 in the House of Representatives while Massa’s party “Peronism” still holds many seats.
Professor Rein argues that Argentina’s economic problems are linked to its role as a food producer, reliance on capital outside its financial system and Peronism’s collapse. He believes that despite prosperity during Western conditions,