Argentina’s approval of a one-off wealth tax has been presented as a model by some on the left in Britain, as well as in other Latin American countries – where the idea is very popular. What is its real content, however, and is it a useful proposal to deal with the crisis of capitalism and the impact of the COVID-19 pandemic?

The crisis that began in 2008 exposed capitalism. It started a process in which millions of young people and workers began to challenge, not just so-called ‘neoliberalism’, but capitalism itself. Yet this crisis of capitalism, rather than propelling the left to power, has pushed the left into crisis. Superficially, this is a contradiction, but if we look beyond the surface, we see it flows from the limitations of reformist politics in a period such as the one we are living through.