Milei highlights the benefits of capitalism at Stanford University — MercoPress

Milei highlights the benefits of capitalism at Stanford University

Thursday, May 30th 2024 – 14:00 UTC

Condoleeza Rice asked Milei to return soon
Condoleeza Rice asked Milei to return soon

During his appearance at the Hoover Institution on Stanford University’s campus, Argentine President Javier Milei praised Economy Minister Luis ‘Toto’ Caputo’s adjustment measures and addressed other issues regarding capitalism and monopoly regulations.

“The more intervention there is, the more property rights are violated and infringed upon, the worse and worse the signal is transmitted,” said Milei in his 50-minute speech before Hoover Director and former Secretary of State Condoleeza Rice.

“At the limit, in real socialism and private property, there is no price system and the system collapses. That is why, in all the places where socialism was applied, it was a failure in the economic, social, and cultural spheres. And furthermore, as it exacerbates the violence of politicians, they have ended up murdering 150 million human beings,” he added.

Regarding Caputo, who attended the event, Milei pointed out that “he made the biggest adjustment in the history of mankind.”

“The price system is a mechanism of information transmission, coordination, and adjustment,” the Libertarian leader also explained. “The event is triggered by the exchange of property rights. Therefore, when the state comes along and intervenes what the state is doing is interfering in the right to property. And by intervening in property rights, the signal starts to have noise,” he also mentioned.

“Given that the exchanges are voluntary, it is not possible to speak of market failures because no one would be doing self-flagellating actions,” Milei also argued. Hence, State interventions lead to collapse, Milei’s theory went on.

“Your class was a luxury. I hope you can come back,” Rice told Milei, who replied: “I’ll come back and give a class on innovation and economic growth; I am waiting for you in Argentina.”

Milei’s tour in California also included meetings with high-profile business leaders such as CEOs Sundar Pichai of Google, Sam Altman of Open AI, and Timothy Cook of Apple to attract investments and position Argentina as a hub for artificial intelligence.

Pichai gave the Argentinean president a painting with the doodle that Google published on March 11, 2021, on the occasion of what would have been musician Astor Piazzolla’s 100th birthday, which Milei showed in his X account.

With ChatGPT creator Altman, Milei spoke about the release of regulations to attract investments in Artificial Intelligence, it was reported. They also reviewed opportunities for developments in artificial intelligence in Argentina.

“This is a path for the country’s development in cutting-edge technological areas that will be essential for our growth. Argentina has the opportunity to position itself as a global leader in advanced technology, taking advantage of a favorable environment for innovation and free of restrictive regulations,” highlighted Milei with the Large Investments Regime (RIGI) being debated at the Senate in Buenos Aires, whereby the Libertarian administration seeks to have “Argentina to join other technological hubs existing in the world.”

Milei’s end?

Meanwhile, in the Argentine capital, the tabloid Crónica published that “Milei does not want to be president anymore” and “may leave office at any time.”

In this scenario, Vice President Victoria “Villarruel is putting together her Cabinet to take office and I have the names of one of the people, from Economy,” said reporter Tomás Méndez signing the pieces. Méndez said Martín Redrado had already agreed to become Economy Minister in a Villarruel government.

How seriously can these reports be taken? Time will tell.

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