4.5 • 2.6K Ratings
🗓️ 27 May 2024
⏱️ 5 minutes
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Journalist Ben Norton returns to Bad Faith to break down where Argentina is five months into libertarian President Javier Milei's leadership. When Milei was elected, libertarians cheered the opportunity to prove how successful libertarianism can be if allowed to fully manifest. Now, with 300% inflation, authoritarian crackdowns on protests, and widespread austerity measures, has Milei proven the limits of libertarianism? Or does he just need more time?
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0:00.0 | these new liberals, these libertarians, these free market economists, |
0:03.4 | can never point to a single example in world history |
0:07.2 | of any state entering high-income status |
0:10.8 | through their political program, including, by the way, all of the |
0:14.4 | advanced wealthy rich Western states, which obviously they benefited from |
0:18.8 | imperialism, slavery, genocide, ethnic cleansing of indigenous people stealing their land. |
0:25.0 | But even aside from that, the US was the most protectionist economy on earth until World War II, |
0:32.0 | and the British economy was the most protectionist until famously |
0:36.4 | the mid-19th century when they famously got rid of the corn laws, which was a way of maintaining |
0:41.9 | steady price for grains. |
0:44.1 | And this was shown famously by the South Korean Development Economist Ha Jun Chang, who is not like a Marxist |
0:50.1 | Leninist. |
0:51.1 | He's a development economist, and he has shown, through his famous book, |
0:54.6 | kicking away the latter, that every single successful wealthy economy developed through |
1:00.3 | massive state intervention in the economy, |
1:02.6 | industrial policy, high tariffs, protectionism, |
1:06.4 | not through free trade. |
1:07.7 | It's only after they develop, |
1:09.6 | then they start reaching free trade |
1:11.8 | because famously, as we've known since the 19th century |
1:14.8 | with famous economists like Friedrich list he famously pointed out that it's only |
1:21.1 | when the British Empire attained its technological and economic dominance, |
... |
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