The GSPM Summer Course on Argentina had to deal with contradictory narratives about the present-day country. The headlines of major media outlets trumpeted "chainsaw" shock therapy of President Javier Milei, domestic and international political fights (including the reignited battles over the Falklands Islands and hostility toward Brazil), corruption within the administration, and the falling approval ratings of the president.
At the same time, International Monetary Fund (IMF) Managing Director Kristalina Georgieva, who visited Argentina in July, painted a more favorable picture: “Argentina has delivered two consecutive years of primary fiscal surpluses for the first time in 15 years. The economy is growing. Inflation has fallen to around 30%. Poverty has declined. The central bank is rebuilding international reserves.”[1]
It is premature to be Pollyannaish about the state of the Argentine economy and society. Just recently, annual inflation exceeded 200%, the country remains the IMF’s largest debtor, and public austerity measures have affected the most vulnerable. In the midst of anxiety and cheers, Argentina continues to test its resilience as a living laboratory, where periods of prosperity have historically been interrupted by crises, and where democracy triumphed after an almost ten-year dictatorship of 1976–1983.
Our immersion program in Buenos Aires offered insights into the tactics and strategy of resilience. In the October 2025 midterm legislative elections, President Milei’s Liberty Advances (LLA) party significantly increased the number of seats in both chambers of the National Congress, but it did not reach a majority.
The motto of the young and vibrant members of the president’s team, whom we were honored to meet, was upbeat: “From [LLA] minority to majority, from resisting to reforming.” Milei’s “libertarian revolution” has a clearly defined free-market, anti-protectionist focus, but the changes are not labor-intensive.
How the ongoing economic transformation translates into jobs and incomes will be key for shaping Milei’s chances of reelection in 2027. The “revolution” can falter, as happened with the previous neoliberal experiments under the presidencies of Carlos Menem and Mauricio Macri. Or it can yield dividends given continuity.
[1] Georgieva, Kristalina. “Argentina Looks Forward.” IMF Blog, 31 July 2026.
About Our Global Perspectives Residency Program
The Summer 2026 course in Argentina is part of GSPM's short-term study abroad courses that explore the political environment of a country outside the United States. Open to graduate and undergraduate students of all disciplines, all of the program offerings include a one-month asynchronous course and one-week immersion program in country.
Applications are now open for the Fall 2026 Global Residency in Mexico City.
Apply by September 20.