The libertarian experiment: An assessment of the government of Javier Milei in Argentina

Since Javier Milei took office in December 2023, his government has been pursuing a radical reform agenda shaped by libertarian ideas, which includes a drastic cut in public spending (the so-called ‘chainsaw policy’). This initially proved successful in tackling what had until then been Argentina’s greatest economic scourge: high inflation.

Whilst the inflation rate had reached 25.5 per cent in the first month of Milei’s term, it subsequently fell gradually to 1.5 per cent in May 2025. This development prompted numerous prominent figures and political parties worldwide – including Elon Musk and various politicians from the AfD and FDP in Germany – to call for Milei’s libertarian experiment to be replicated in other countries.

However, a closer look at the reality in Argentina since he took office paints a completely different picture: thousands of companies have gone bankrupt, unemployment and precarious employment conditions have risen sharply, and wages and pensions have plummeted. Even his most significant achievement began to backfire, as the inflation rate has been rising month on month since May 2025. Furthermore, Milei’s rule by decree, bypassing Congress, various corruption scandals within his government, and violent police crackdowns on journalists and demonstrators have led to a significant weakening of democratic institutions. Last but not least, Milei’s frontal attacks on so-called ‘woke ideology’ have drastically worsened the situation for women and LGBTQ+ people, as well as leading to funding cuts and the abolition of environmental protection laws. A careful analysis of the results shows that the libertarian experiment has failed; imitating it is therefore strongly discouraged.

The lecture will be given by Nicholas Aguila, research associate at the Heisenberg Chair in Politics/Political Economy, Transformation and Sustainability.

The event will be held in English. Attendance is free of charge.