Javier Milei is turning his country around, but just like Britain in the 1970s, things in Argentina had to deteriorate dramatically before capitalist reformers like him and Thatcher stood a chance, says Rainer Zitelmann

During my visits to Argentina in 2022, 2023 and 2024, I had the opportunity to witness first-hand the movement that propelled anarcho-capitalist Javier Milei to victory in the presidential elections. Milei’s presidency has since attracted a lot of interest from both left-wing anti-capitalists and libertarians alike. While some seek to demonstrate that Milei’s policies are plunging people into poverty, others view him as a beacon of hope.

Argentina holds a sad record. No country in the world has descended so dramatically in the last 100 years as Argentina. In the early 20th century, the average per capita income of the population was among the highest in the world. The expression “riche comme un argentin” – rich as an Argentinean – was commonly heard at the time.

In the late 19th and early 20th centuries, Argentina’s per capita income exceeded that of Italy, Japan or France. In 1895, it even achieved the highest per-capita income worldwide, according to some estimates. Moreover, Argentina’s six per cent annual GDP growth for the 43 years preceding World War I is the largest in recorded history. Argentina’s impressive economic performance was not based on the export of raw materials alone: between 1900 and 1914, the country’s industrial production tripled, reaching a level of industrial growth similar to that of Germany and Japan. All of this was accompanied by unprecedented social progress. In 1869, between 12 and 15 per cent of Argentina’s economically active population belonged to the middle class; by 1914, this number........

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