Argentina’s Javier Milei praises free markets, slams socialism at Davos
- The self-proclaimed ‘anarcho-capitalist’ president is making hist first overseas tour, even as he battles a major economic crisis at home
- The political newcomer is hoping to win backing for his economic ideas, which include shutting the central bank and adopting the dollar
Argentina’s libertarian President Javier Milei praised free markets and slammed socialism at Davos during the first overseas tour for the self-proclaimed “anarcho-capitalist”, who is battling to fix a major economic crisis at home.
The trip marks a test for right-wing Milei, a relative political newcomer who took office last month after a rapid ascent from acid-tongued economist and television pundit to the presidency. He is keen to win backing for his economic ideas, which include shutting the central bank and adopting the dollar.
“Socialism is a phenomenon that creates poverty,” he said in a special address to a large and well-heeled crowd at the World Economic Forum, where he is later set to meet International Monetary Fund (IMF) chief Kristalina Georgieva.
“Free enterprise capitalism is the only tool we have to end hunger and poverty,” he added.
Milei, who is battling to bring down inflation that topped 200 per cent last year and rebuild depleted Argentina’s foreign currency reserves, shot to power last year on the back of voter anger at the worsening economic crisis, often campaigning with a chainsaw to underscore his plans to slash the size of the state.
He is pushing major economic reforms, including spending cuts and deregulation, in a bid to improve the government’s finances and boost the economy. But he faces poverty levels which are climbing above 40 per cent and the threat of social unrest.
