Waiting For Turkey In Buenos Aires – JP
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Doral, Florida – Socialism ruins everything. The Pilgrims found that out in 1620. During their first year in the New World, they practiced collective agriculture, working on a single common plot with equal participation and shared output. This system resembled the Soviet collective farms, Mexican ejidos, and Israeli kibbutzim. The result was disastrous: starvation loomed, productivity collapsed, and many settlers died.
Realizing the failure, the colony’s leadership made a dramatic change. For their second harvest, Governor William Bradford—not John Winthrop, who led the Massachusetts Bay Colony later—assigned each family a private plot of land. The difference was immediate and profound. Productivity soared, and the resulting surplus was enough to host a feast with their American Indian neighbors—an event now remembered as the first Thanksgiving Day.
From Boston to Buenos Aires
Argentina, once one of the richest nations in the world around 1913, offers a modern example of the same lesson. The country embraced heavy-handed state intervention, regulation and socialist policies through much of the 20th century. The economy stagnated. Inflation soared. Capital fled. Once the star of Latin America, Argentina became a cautionary tale of how prosperity can erode under persistent populism and collectivism.
Though there were moments of liberalization—such as under President Carlos Menem in the 1990s—these were often short-lived or undermined by poor implementation and a lack of structural reform. The results were chronic crises: currency collapses, sovereign defaults and the continuous impoverishment of the Argentine middle class.
Classical Liberal Reform
In 2023, Argentines elected President Javier Milei, an unapologetic classical liberal and libertarian economist. He took office vowing to dismantle the bloated welfare state and reverse decades of economic mismanagement. His platform drew from the ideas of Adam Smith, Friedrich Hayek, and Milton Friedman. His critics call him extreme; his supporters call him Argentina’s last hope. Either way, he has brought a radical shift in direction.
In the United States, the word liberal has long referred to the center-left, influenced by progressive ideas since the early 20th century. Globally, however, liberalism still means classical liberalism—free markets, small government, individual liberty and fiscal responsibility. Milei’s presidency is a return to that original definition: a libertarian revolution on the pampas.
New Economic Policies
The Milei administration has embarked on a new set of policies:
1. Fiscal Responsibility
The Milei administration has slashed public spending, eliminated energy and transport subsidies, and laid off thousands of public employees. His goal is a zero-deficit budget, ending decades of government over-spending. As of mid-2025, Argentina has recorded its first budget surplus in over a decade.
2. Deregulation
Hundreds of outdated and burdensome regulations have been eliminated. Permitting processes have been streamlined. Entire government agencies have been shut down or merged. Milei’s mantra is simple: the state must stop interfering in the lives of productive citizens and businesses.
3. Monetary Policy
Inflation—the bane of Argentina’s economy—has dropped dramatically. From 25.5% monthly inflation in December 2023, the rate has fallen to 2.4% by February 2025. This was achieved through tight fiscal policy, curbing the central bank’s ability to print money, and liberalizing currency exchange. Dollarization remains a possibility on the horizon, though it has not yet been implemented.
4. Economic Growth
The World Bank projects 5.5% GDP growth for Argentina in 2025. Investor confidence has returned, particularly in the country’s vast reserves of lithium, natural gas, and agricultural exports. Wine production in Mendoza and oil production in Vaca Muerta stand as symbols of an economy rediscovering its potential.
Liberty and Prosperity
The story of the Pilgrims and the story of Argentina are separated by centuries, continents, and cultures—but they share a fundamental truth: incentives matter. When people are allowed to reap the rewards of their labor, they produce more, invest more, and lift society with them. When government controls everything, stagnation sets in.
Javier Milei’s reforms are a bold experiment in reversing the socialist tide that has drained Argentina for generations. Whether he ultimately succeeds remains to be seen, but for now, the lesson is clear:
Socialism ruins everything. Freedom, not collectivism, is the foundation of prosperity.