Peter Thiel bought a house in Argentina – democracy left it empty
The answer to Peter Thiel's scepticism about democracy is not to defend liberal democracy more loudly. It is to make it work well enough that citizens have compelling reasons to defend it. Leer más
Peter Thiel, a libertarian thinker from Silicon Valley, has purchased a house in Buenos Aires, Argentina. This move symbolizes Thiel's disillusionment with liberal democracy and the belief that democratic politics have lost their ability to protect individual and economic freedoms. Thiel's perspective aligns with that of Argentine President Javier Milei, who shares similar concerns about the role of the state and democratic politics.
The crisis of liberal democracy stems from the weakening of the economic compact that once supported it. As deindustrialisation, globalisation, technological change, and declining worker power eroded the connection between political freedom and shared prosperity, liberal democracy's constituency dwindled. This weakening process began with the abandonment of important economic institutions during and after the New Deal, which led to widening economic inequality and the erosion of organised labour.
Argentina's democratic history since 1983 is marked by commitment to democratic governance, despite facing economic challenges such as hyperinflation, economic crises, and declining living standards. However, the country has struggled to build a durable economic compact to support its democratic institutions. Peronism, a political movement that placed workers and social inclusion at the centre of national life, has become fragmented and unable to construct a sustainable economic order.
Javier Milei's rise to power as president reflects the broader exhaustion of Argentines with previous political leaders and their inability to deliver on promises of economic prosperity and stability. While Milei's government has attempted to restore fiscal and monetary credibility, the solution to Argentina's democratic and economic challenges requires a broader national compact that includes dialogue among various stakeholders, including workers, entrepreneurs, academia, and civil society.
This compact should focus on maintaining macroeconomic stability, promoting productive investment, ensuring education and institutional integrity, and providing opportunities for working- and middle-class Argentines. Only through such a comprehensive project can Argentina hope to build a healthy liberal democracy capable of delivering genuine prosperity for its citizens.
Written by urgent.news from Buenos Aires Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
