“It wasn’t magic.”
Cristina Fernández de Kirchner’s words in her final months as Argentina’s president became a rallying cry for the political movement she built with her late-husband and predecessor, President Néstor Kirchner. The economic growth and improvements in social indicators under their governments, she argued, were caused by their heavy-handed policy interventions.
But a more accurate description of what happened in the Kirchner-era may be “timing is everything.”
A reckoning with the first Kirchner...