In recent years, Argentina has been in the spotlight following the inauguration of libertarian president Javier Gerardo Milei. His sweeping policy agenda represents yet another policy reversal in a nation whose socio-economic fabric has long been shaped by volatility. This was not always the case. In the early twentieth century, Argentina stood among the world’s most promising economies, with living standards and growth rates that rivalled those of Europe’s industrial powers. Yet, beneath its apparent prosperity lay structural characteristics that, over decades, would precipitate a steady economic decline.
This article examines these socioeconomic attributes, not merely as historical features of Argentina’s trajectory, but as analytical tools for assessing the health and resilience of other economic systems today. In particular, it applies this framework to the European single market and the wider European Union (EU). By comparing how these attributes manifest in the EU today, this article seeks to identify potential vulnerabilities and highlight the conditions under which even a relatively stable and diversified economy could risk drifting toward structural decline.