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Yes, Macri Failed on the Economy. But It Wasn’t All for Naught.

October 31, 2019

BUENOS AIRES - Mauricio Macri's presidency is coming to an end. With a fall in per-capita income of close to 10% and cumulative inflation higher than 300% in his four years, it would be easy to declare his presidency a failure – which, in terms of economic results, it was.

The economic failure is surprising because Macri faced not only a relatively benign international scenario (no significant changes in its terms of trade, for example), but also because he received unprecedented support from a number of constituencies. Voters put him in the Casa Rosada in 2015 and elected his...

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