On Monday, as political analysts (and many Argentines) anxiously sought to digest the election of the far-right firebrand Javier Milei as the next President of South America’s second-largest economy, investors cheered. In New York, prices of Argentinean stocks and bonds rose sharply, with the value of Y.P.F., an oil and gas company that is majority-owned by the state, closing up forty per cent. “This is the opportunity for a new beginning,” Jorge Piedrahita, the founder of Gear Capital Management, told Bloomberg.Argentina could certainly do with a fresh economic start. A century ago, after the development of steamships first enabled the export of beef and other perishable products to Europe and North America, its G.D.P. per capita was comparable to many Western European countries. Today, ...
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