From financialization to enclave: Milei’s politics in historical perspective

Abstract

Is Milei merely a “chainsaw-wielding madman” imposing harsh fiscal austerity, or do his policies conceal a long-term economic and social model? This article aims to answer that question. The proposed hypothesis is that this represents a revival of the financialized neoliberal model, which has already been tested in Argentina. While the macroeconomic tools employed so far do not significantly differ from past experiments, new actors have emerged, altering the social constellation that supports Milei. Among them, a transnational elite stands out, driven by the need to secure access to strategic resources and consolidate a transformation orchestrated by core nations. Thus, the financialization strategy is paired with a real economy increasingly geared toward extracting critical resources under an export-enclave framework. Behind the symbolic “chainsaw” moreover, lie measures designed to create irreversible conditions that entrench the model long-term—whether through legal constraints or the dismantling of productive and social structures capable of fostering alternative paths.