As the human face of shock therapy, Javier Milei faces a difficult path attempting to reform a state long dominated by entrenched interests.

That is President Javier Milei, really: a savior, or a bankruptcy trustee? An anarchist, a populist, or a classical-liberal reformer? Is he dismantling the casta — the entrenched political establishment — or is the casta undermining his reform agenda? In the end, will freedom prevail, or will the corrupt system reassert itself and absorb the would-be reformer?

I recently formed my own impressions in Buenos Aires. What I saw is a fascinating country that, after decades of decline, is regaining its footing, pushing back widespread poverty, and rediscovering confidence. Some key indicators have already attracted international attention: sharply falling inflation, a visibly declining poverty rate, unemployment that is easing despite massive and long-overdue layoffs in the public sector, the first balanced federal budget in years, and a recovery in economic growth.

Other developments receive less attention. On the newly liberalized housing market, the supply of apartments has increased almost overnight. Mobile coverage is expanding rapidly thanks to Starlink. Following deregulation of air transport, investment in aircraft is picking up again. And even without subsidized credit rates, Argentines are once again purchasing durable consumer goods — washing machines rather than just a block of cheese here or a drinking glass there. Until recently, even such small items were often bought on installment plans, a symptom of distorted incentives under chronic inflation and massive subsidies.

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https://thedailyeconomy.org/article/mileis-argentina-between-liberation-and-the-institutional-trap/