Why is Argentina’s presidential election the most important political contest of 2023?
For the simple reason that Argentina’s economy is the biggest tragedy of the past 100 years.
Reversing the country’s decline is a major challenge.
How big of a challenge?
To answer that question, look at this chart that was shared on X (formerly Twitter) by Professor Jeremy Horpedahl. Notice that Argentina was just as rich as Denmark, Germany, and Canada until the middle of century but has dramatically diverged ever since “Peronism” began to ravage the country.
For what it’s worth, this chart makes Argentina a three-time member of the anti-convergence club.
- In 2011, I compared Argentina’s trajectory with Chile and Venezuela (and updated those numbers earlier this year).
- In 2011, I compared Argentina with Hong Kong (and updated those numbers in 2018).
But at least doing better than Venezuela. Not exactly a ringing endorsement.
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