Argentina’s Election: A Veer Towards Populist Libertarianism

Argentina is heading for a historic presidential election that has been rocked by the unexpected rise of anti-establishment populist Javier Milei. With his “shock-jock” style and aggressive social media presence, Milei has captivated younger voters and sent his rivals scrambling to respond. The election takes place against the backdrop of a severe economic crisis, characterized by soaring inflation and a devalued currency that has pushed 40% of the population below the poverty line. As the country’s largest debtor to the International Monetary Fund (IMF), owing a staggering $46 billion, Argentina’s next leader faces significant challenges. Traditionally, Argentina’s politics have been dominated by the left-wing Peronist movement, but Milei’s unexpected surge in the primary elections has upended the status quo. His rival candidates, Sergio Massa and Patricia Bullrich, find themselves trailing in the polls, struggling to counter Milei’s bold proposals. Myriam Bregman and Juan Schiaretti complete the field, with the latter trailing behind the top three candidates. With his vehement aversion to “communists” and even Pope Francis, Milei advocates for eliminating Argentina’s central bank, discarding its “excrement” currency (the Argentine peso), and adopting the US dollar instead. As part of his plans to reduce inflation and shrink the government bureaucracy, Milei has brandished a chainsaw at campaign rallies, vowing to close ministries deemed unnecessary. The race appears headed for a run-off on November 19, as no candidate is expected to secure the necessary vote threshold for an outright victory in the first round. In addition to choosing a new president and vice-president, Argentines will also elect members of Congress, both for the lower and upper houses. This election signals a significant veer from the traditional Peronist dominance, as Milei seeks to reshape Argentina’s economic and political landscape with his libertarian ideology.