This week, I visited Buenos Aires, Argentina, to speak about free markets and socialism at the Conservative Political Action Conference. It was a fitting location: Argentina is now ground zero for the revitalization of capitalism in the West.
In a time when the Right often laments “late-stage capitalism” in terms reminiscent of Noam Chomsky, while the Left laments the very existence of billionaires in the manner of Stalin targeting the kulaks, Argentina’s experiment in liberty represents an audacious foray into the world of economic dynamism and innovation.
Argentina has been, for decades, a basket case. In the early 20th century, thanks to a plethora of natural resources and a burgeoning Western constitutional structure, Argentina was one of the wealthiest countries on earth on a per capita basis. But from the 1940s on, Argentina began to pursue a policy of…
