There is a golden opportunity for Argentina to rediscover itself as a free market economist wins elections. If you, for example, look, at Argentina exclusively through the lens of its triumph at the soccer World Cup in Qatar, then you are likely to miss the fact that its economy is in the doldrums. This after all is a country which, once upon a time, was one of the richest nations on earth but is now the sick man of the region. Its per capita was higher than that of the United States. Argentina met its economic tragedy by changing economic policy through a philosophy called Peronism. Peronism’s central plank was to replace Argentina’s free market system with an enlarged public sector and state-owned enterprises. It’s your typical reckless social justice which seeks to dole out free but unsustainable education, health and welfare payments. Naturally, Peronism also found allies in the powerful trade union movement and embarked on policy misstep after policy misstep.
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