US High School Economics class. Argentina: has Javier Milei proved his critics wrong?

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Javier Milei’s first year as Argentina’s president has been a fascinating case study in applying libertarian principles to governance. From reducing inflation and achieving a budget surplus to dismantling bureaucracy and opening markets, his reforms have begun reshaping Argentina’s economy. In this lesson, students will explore his most impactful decisions, analyse their short-term and long-term effects, and evaluate their significance in the broader context of economic recovery.

Essential Question: How have Javier Milei’s economic reforms affected Argentina’s economy, and what do they reveal about the challenges and opportunities of implementing libertarian principles in government?

Part 1: Watch the video, How Javier Milei Transformed Argentina in One Year (7:59), and answer the following questions. 

• Who is Javier Milei, and why is his presidency significant?

• Key Reform #1: Rent Control: What were the effects of Javier Milei lifting rent controls in Argentina?

• Key Reform #2: Import Taxes: How did eliminating import taxes impact Argentina’s economy?

• Key Reform #3: Budget Surplus: Why was achieving a monthly budget surplus significant for Argentina?

• Key Reform #4: Inflation Reduction: What strategies did Milei use to reduce inflation, and what were the results?

• Key Reform #5: Bureaucracy Dismantling: What changes did Milei make to dismantle bureaucracy in Argentina?

• Which of Javier Milei’s reforms do you think is the most important for Argentina’s short-term recovery, and which do you believe will have the greatest long-term impact? Why?

Part 2: Reading Questions: Read the FT article: Argentina: has Javier Milei proved his critics wrong? and then answer the questions below. 

• Why were many Argentines, like Emir Gullo, initially excited about Javier Milei’s presidency?

• What are some of Milei’s accomplishments that show his policies are working?

• How did the tax amnesty program introduced by Milei impact Argentina’s economy?

• What factors have contributed to optimism about Argentina’s future economic growth?

• Why does the Financial Times describe Milei’s leadership as a “miracle”?

• What challenges lie ahead for Milei as he aims to sustain Argentina’s recovery?

Joel Miller and James Redelsheimer, Foundation for Economic Education.
Click here for FEE FT Classroom Edition with classroom-ready presentations and suggested answers for teachers.