At 9 p.m. on October 27, the city of Buenos Aires erupted in celebrations. For the many Argentines who had suffered under the last four years of Mauricio Macri’s neoliberal government, it was time to rejoice: Alberto Fernández — lawyer, university professor, former cabinet chief for Néstor Kirchner, and self-described “leftist liberal” — had won the presidential election, with Cristina Fernández de Kirchner as vice president. Macri became the first president in Argentine history — or at least under democratic rule — to attempt reelection and fail.

How did this happen? Looking back on Macri’s grandiose campaign promises in 2015 — to tame inflation, open the country to foreign investment, wage a “war on poverty,” and end the fiscal deficit — the conservative government’s four-year term was an abject failure on virtually every count.

This failure is in large part due to the globalization textbook that Macri’s administration was stuck reading from, years after its expiration date. Far from the fanfare of the Washington Consensus, the capitalist world-system is increasingly traversed by protectionism, reactionary nationalism, and escalating trade wars; the commodity boom is a thing of the past, and regional economic growth is in steady decline. Macri was blindsided by this new world order, ushered in by the likes of Trump and Bolsonaro.