Argentine Elections: Why Mauricio Macri is Good for Latin America's Business Sector

Argentina is known today as one of the most corrupt nations in the world, as reported by Transparency International. However, their history didn't start there. As noted by Seeking Alpha, it used to be one of the wealthiest nations, its wealth decreasing over time due to the fact that for over half a century, it has been led almost exclusively by the Justicialist Party, a far-left group whose political thought was based on Juan Peron and his wife Evita -- admirers of Mussolini.

However, this week, Argentina stopped with its leftist rule when it elected conservative businessman and two-time Buenos Aires mayor, Mauricio Macri, as president. This is a victory for the people of the nation, who under the past rulers saw their country's economy deteriorate: Macri may just be the hope for a better Argentina.

This is largely due to Macri's background as a businessman. In the three months that led up to the November 22 elections, Argentina's Merval Index rose to a rocketing 30 percent as investors are optimistic in predicting Macri's win. This change in leadership can shift government in Latin America, and once Argentina demonstrates their market-friendly policies to investors, economic growth will be possible and could even inspire countries like Colombia, Brazil, and Venezuela to demand corruption-free leadership.

Townhall Finance pointed out that if Macri can hold the government's demands under control and can stabilize the fiscal position, big businesses, both local and international, will be willing to invest and can make the country a great deal of money. The bottomline is that Macri's election can open to a lot of opportunities for Argentinians.

Speaking with the Wall Street Journal, former Brazil Finance Minister, Mailson da Nobrega, said that Argentina's change in leadership is the first in Latin America. He shared, "It may be the start of a downfall in populist governments. I think the next one should be Venezuela. And I think Brazil will follow suit in 2018."

With Brazilian President Dilma Rouseff's approval rating set only in the single digits, and similar settings are shown in most Latin American countries, these people deserve better. Which is why Macri is a breath of fresh air. Unlike many South American Leaders like Fidel Castro, Chavez, and Rouseff, Macri never served as a Marxist guerrilla, which may contribute as to why, by most accounts, he is "contemplative and soft-spoken."

It's a drastic change, but at this point, change is good for the South American nation: realistic or not, he has vowed to change many policies from previous administrations and plans on cultivating a more business-friendly relationship with its top trading partner, Brazil.

If Macri succeeds in his plans, then quite possibly, the Argentines as well as global investors can benefit in the long run.