A new pro-market project is brewing in Argentina

The economy in Argentina has not been a success story for decades. Governments of all stripes have failed to improve on almost any indicator, be it GDP, debt, poverty, inflation, or income distribution. Most have gone from bad to worse during each new presidency, and the center-left administration of President Alberto Fernández is proving to be no exception. 

A change of guard is due after next year’s election with the ruling Peronist coalition flagging in the polls, which is leading economists critical of the government to make plans for 2023.

Pro-business advocates, in particular, see the fact that Argentinian public opinion has significantly tilted to the right as an opportunity to end a period of increased state intervention in the economy since the turn of the century.

This time, however, the new economic program is not being directly pushed by opposition politicians. Instead, it is business leaders who are pouring resources into the creation of a new plan and its outreach across the country. The clearest example comes from the Fundación Mediterránea think tank. 

Mediterránea recently hired Carlos Melconian, one of the most influential economists in the country, to lead its investigation department and launch a nationwide tour outlining an economic program for whoever ends up being Argentina’s next president.

Mediterránea and Mr. Melconian are among the strongest proponents of a business-friendly approach in Argentina. They benefit from not having overly close links to the failed market reforms of President Fernández’s predecessor, Mauricio Macri.

While Mr. Melconian was a long-time friend and adviser of Mr. Macri’s, he was dropped from Mr. Macri’s economic team after the latter won the presidency in 2015. Mr. Melconian would subsequently become one of the government’s harshest critics, famously warning that its debt-based economic model could “go down the shitter” if financing dried down – as it ultimately did in 2018.

Mediterránea, meanwhile, is more commonly associated with former Economy Minister Domingo Cavallo, the architect of...