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There was a political earthquake in Argentina when a hard-core libertarian got the most votes in the August nationwide presidential primary. Now everyone is paying close attention to Sunday’s general election. Will voters choose Javier Milei in hopes of rescuing their moribund economy? Before taking a close look at the...

When I visited Argentina last November to give some speeches, I expressed a lot of pessimism and rhetorically asked whether the country could be rescued. In a column earlier this month, I followed up with two reasons for why Argentina is a basket case: “The short-run answer is modern monetary theory....