SVG
Commentary
Wall Street Journal

Javier Milei and Argentina’s Lessons for America

Despite its failures, Perónism is proving a temptation to the left and right in the US.

walter_russell_mead
walter_russell_mead
Ravenel B. Curry III Distinguished Fellow in Strategy and Statesmanship
President of Argentina Javier Milei speaks to supporters outside the National Congress after his inauguration ceremony on December 10, 2023, in Buenos Aires, Argentina. (Photo by Marcelo Endelli/Getty Images)
Caption
President of Argentina Javier Milei speaks to supporters outside the National Congress after his inauguration ceremony on December 10, 2023, in Buenos Aires, Argentina. (Photo by Marcelo Endelli/Getty Images)

Buenos Aires

When God was creating Argentina, the story goes, the angels thought he was being unfair. “Lord,” they said, “you are giving this country fertile soil, rich mineral resources, a healthy climate, a wonderful port, oil and gas. These people will have everything, and they will rule the world.”

“Don’t worry,” God said. “It will all work out. Wait until you see the Argentines.”

There are no objective reasons this once-prosperous country shouldn’t be one of the richest places on earth. But for roughly the past 100 years, Argentina has been one of the most disappointing economic stories in the world. Measured by per capita gross domestic product, the country was one of the 10 richest countries in the world before the Great Depression. In 2022 it ranked 67th, according to International Monetary Fund data.

Read the full article in the Wall Street Journal.