Javier Milei was taking too many risks. Argentina’s president didn’t have enough political support. And his radical version of free market economics didn’t offer any solutions anyway, especially in a world where the state is more crucial than ever. When Milei won the presidency last year there were plenty of predictions that he would fare as well as Britain’s Liz Truss. And yet, there are signs the medicine is starting to work – and that will be globally significant.
Over the past couple of weeks, the data coming out of Argentina has been far better than anyone expected. This month, inflation is forecast to dip below 10 per cent – admittedly a month-on-month figure – compared with a high of close on 300 per cent earlier this year.
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