Latin Americans have had it with socialism.

Over the past decade, more than half of Latin America’s nations have voted socialists out. From large countries like Argentina to tiny ones like El Salvador, socialists have been replaced with conservative leaders who’ve made significant progress turning their economies around.

That list could grow as Cuba and Nicaragua are on the cusp of collapse after their oil lifelines from Venezuela were cut following the arrest of Nicolás Maduro.

Argentine President Javier Milei said in 2024 that, “We’re here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world. Rather, they are the root cause.” (Angelia Weiss/AFP via Getty Images)

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The real incentive for dumping socialism is voter recognition that it just hasn’t worked. What is working are policies based on market solutions.

In Argentina, monthly inflation has tumbled from 25% to just 2%. Massive cuts in government have led to fiscal surpluses, and Moody’s upgraded their investment outlook to positive.

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“We’re here to tell you that collectivist experiments are never the solution to the problems that afflict the citizens of the world. Rather, they are the root cause,” Argentine President Javier Milei said in a 2024 speech at the World Economic Forum in Davos, Switzerland.

In Argentina, monthly inflation has tumbled from 25% to just 2%. (Fabrice Coffrini/AFP via Getty Images)

Following the ouster of a socialist government in Ecuador, economic conditions there improved, with the GDP rebounding 3.7% in 2025 and the nation returned to international bond markets this year.

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In Costa Rica, voters’ rejection of the ruling leftist party coincided with an estimated 20% relative decline in poverty from 2021 to 2024.

And those are just a few examples of the progress being made. Latin America has had many course changes over the years, and all this could turn around again. But probably not while memories of many socialist failures are so fresh and painful.

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Latin America’s growing rejection of socialism also coincided with Secretary of State Marco Rubio’s cancellation of 83% of USAID programs, which he claims were doing more harm than good.

Secretary of State Marco Rubio announced the cancellation of 83% of USAID programs in March 2025. (Bill Clark/CQ-Roll Call, Inc via Getty Images)