Argentine President Javier Milei, known for his radical views and threats to shut down the central bank, made his first speech at the World Economic Forum this week. His defense of liberal right-wing ideology has sparked a heated debate within the community, and even the world’s richest person, Elon Musk, praised his speech and retweeted it.
In his speech, Milei, also known as the “Bitcoin President,” spoke about the dangers of collectivism and its role in global poverty. He argued that free-market capitalism is the only system capable of ending world poverty and highlighted the moral blind spots of collectivism.
Milei pointed out that collectivism has led to a shrinkage in economic prosperity, citing Argentina as an example. While the country was a leading global power for 35 years after adopting a free-market model in 1860, it has since fallen to the 140th position in global rankings after embracing collectivism for the past century.
He also presented data to support his belief that free trade capitalism is not only the only possible system to end global poverty but also the only system that aligns with moral principles. He highlighted the exponential growth of global GDP per capita since the adoption of capitalism as an economic system in the 19th century, which has lifted billions out of extreme poverty.
Milei criticized left-wing theories that attack capitalism on moral grounds, labeling it as unfair and evil. He argued that capitalism is based on voluntary exchange and free-market competition, leading to wealth creation and prosperity. He emphasized that market discovery processes generate wealth and that businesses must adapt to market demands to succeed.
He concluded by calling on the Western world to resist collectivism and its detrimental effects on individual freedom and prosperity. He warned against the influence of flawed economic theories, such as neoclassical economics, which advocate for state intervention and hinder economic growth.
Milei argued that the fundamental problem facing the West is not only the advocates of socialism but also the leaders, intellectuals, and scholars who undermine the foundations of the system that has brought unprecedented wealth and prosperity. He criticized the flawed framework of neoclassical economics, which blames market failures and promotes regulations that distort price systems and impede economic calculation, savings, investment, and growth.
He emphasized that understanding the true nature of markets is crucial and that market failures are impossible if one truly comprehends the market as a mechanism of voluntary exchange and cooperation.
Milei warned that failure to confront these ideas would result in increased state control, socialism, poverty, and a decline in individual freedom. He stated that many political proposals, regardless of their labels, are variants of collectivism and advocate for state control over individuals’ lives. He argued that these ideologies go against the model that has historically led to progress and prosperity.
Using Argentina as an example, Milei highlighted the consequences of obstructing free market operations, free competition, and free price systems, as well as impeding trade and attacking private property rights. He concluded that the only possible outcome of such measures is poverty, regardless of a country’s wealth, natural resources, skilled population, or gold reserves.
Overall, Milei’s speech at the World Economic Forum presented a strong defense of liberal ideology and emphasized the importance of individual freedom, free-market capitalism, and the dangers of collectivism in achieving global prosperity.