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While the economies of many Latin American and Asian countries have soared in the past two decades, Argentina -- a rich country in many ways -- has had great difficulty in fulfilling its economic potential. Remaking the Argentine Economy examines the historical reasons behind Argentina's disappointing economic performance since World War II, as well as recent encouraging changes that have taken place in Argentina's economy. According to de la Balze, Argentina's failure to thrive economically is a case of a relative modern country pursuing misguided economic strategies and its resulting inability to cope with changes in the international environment. Argentina's turbulent and unstable political system has also hampered its economic development. But the last few years have given rise to a more optimistic scenario: stringent economic reforms and profound political changes have begun to turn the economy around. De la Balze provides a concise, thorough exploration of all facets of Argentina's postwar economy and singles out the key issues that Argentina must face to ensure the success of the political and economic reforms underway. Remaking the Argentine Economy provides a valuable case study of one country's attempt to re-engineer its economic viability in today's world.
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Essay from the year 2008 in the subject Business economics - Economic Policy, grade: 1,8, Berlin School of Economics, language: English, abstract: In this essay I am going to talk about the Argentinean economy crisis and its political and economic causes and consequences until the introduction of the currency board in 1991. I am going to point out why the political processes in Argentina had a negative effect on the whole economy of this country. As from 1880 an economic upturn began in Argentina, caused by a continuously increasing and enduring export of agricultural products which continued, interrupted by the years of World War I, until shortly after the outbreak of the Great Depression, in 1929. Until the world economic crisis in 1929, Argentina’s economic policy was mainly focused on agrarian export, basically to Europe, Great Britain. The demand for agrarian products and raw materials by industrialized countries increased after the Great Depression – except between 1929 and 1930, when Great Britain preferred to import products from its former colonies Canada and Australia and closed its mind towards alternative markets like Argentina’s. In this era of Argentina’s history, when GDP grew permanently, extremely in comparison to the international average, and when foreign investors started to invest their capital, also a wave of immigrants arrived at this part of South-America. Argentina was investing in infrastructure and quickly became to the most modernized country of this continent and started the beginning of industrialization. Due to foreign investments and immigration, Argentina was able to increase the agriculturally used acreage. This situation resulted in an ongoing economical growth. By the middle of the 19th century Argentina had the biggest economy worldwide. Until 1914, 70% of the agricultural products were exported - 30% of the GDP! The WWI got Argentina’s economy into trouble as foreign investors took their capital back to invest it in the military industry. That was the beginning of the strategy of ISI (Import substitution industrialization). In 1929 Argentina became one of the biggest exporters for deep-frozen meat, corn and other agricultural products worldwide. At this time Argentina was the richest country in the world. A popular phrase of this time was “rich like an Argentine” [...]
This book examines the fiscal chaos and the external debt question in Argentine economy. It identifies the main sources of the public and monetary imbalances and outlines some basic measures for resolving the problems. The book proposes a financial reform to reduce the fiscal deficit.
The catastrophic crisis of late 2001 and early 2002 marks the tragic end to Argentina's initially successful, decade-long experiment with sound money and market-oriented economic reform. The IMF consistently Supported Argentina's stabilization and reform efforts in the decade leading up to the current crisis and often pointed to many of Argentina's policies as examples for other emerging-market economies to emulate. In this policy analysis, former IMF Chief Economist Michael Mussa addresses the obvious question: What went wrong in Argentina and what important errors did the IMF make in either supporting inappropriate policies or in failing to press for alternatives that might have avoided catastrophe? He emphasizes that the persistent inability of the Argentine authorities at all levels to run a responsible fiscal policy--even when the Argentine economy was performing very well--was the primary avoidable cause of the country's catastrophic financial collapse. The IMF failed to press aggressively for a more responsible fiscal policy. Mussa also addresses the role of the Convertibility Plan, which linked the Argentine peso rigidly at parity with the US dollar and played a central role in both the initial success and ultimate collapse of Argentina's stabilization and reform efforts. While the IMF accepted this plan as a basic policy choice of the Argentine authorities so long as it remained viable, it erred in the summer of 2001 by extending further massive support for unsustainable policies, rather than insisting on a new policy strategy that might have mitigated some of the damage from a crisis that had become unavoidable. Mussa lays out what needs to be done to restore economic andfinancial stability in Argentina and begin the process of recovery, including the proper role of the IMF and the international community. He also examines what the IMF can do to avoid repeating the types of mistakes it made in t
The decay of Argentina remains the puzzle of the last 50 years of international development. This book explains why the decay, and, more important, how to reverse it. Conesa emphasizes the country's lack of institutions to channel the talents of the Argentine people to public administration and government in general. Thus, after 1930 (and particularly after World War II), agricultural protectionism reigned in international trade, while trade in manufactures became increasingly free all over the western world. Argentina, a country extremely well endowed for agricultural production, has not adapted its economic system and incentives to the new world economic conditions of recent decades. This book argues that it is not too late to institute reforms that could strengthen the Argentine economy, allowing the country to grow and to pay the interest of its external debt simultaneously. Contents: 1. Post-1930 Economic Stagnation; 2. The Constraints Imposed by International Agricultura Protectionism; 3. The Exchange Rate Policy; 4. Government Finances and the Exchange Rate; 5. Inflation, Monetary Policy, and External Debt; 6. Long-Term Development and Latin American Integration. Co-published with the Center for International Affairs, Harvard University.
This book is about how the three most important countries in South America have responded to the challenges of globalization since the mid-1960s, the first OPEC price hike, the Third World debt crisis leading to the 'lost-decade' for the continent, and finally bold, but often ill-planned, neo-liberal reforms of the 1990s. Latin America will experience another cycle of structural changes in the coming decades, as the reforms of the 1980s and 1990s failed to produce the desired effects; social justice, fair income distribution, sustainable growth, and consolidation of democracy.
Today Mexico is viewed as a success story in the management of economic adjustment and structural reform. Inflation is under control, capital and foreign investment are returning, and output growth has increased. Mexico's recovery, however, has been neither fast nor smooth, and the social costs the country has borne for the past several years have been very large. In 1982, Mexico faced a severe balance-of-payments crisis. Rampant inflation, capital flight, and a collapse of economic activity were the consequences of an overexpansionist fiscal policy and adverse external conditions. For the next five years, the Mexican government struggled to restore stability and growth without success. Falling oil prices and lack of adequate external financing made these goals extremely difficult to achieve. With the implementation of the Economic Solidarity Pact, inflation was finally brought down in 1988. However, fiscal discipline and far-reaching reforms notwithstanding, growth did not follow. To convince investors to put their capital in Mexico required something more. Initiatives such as the reprivatization of the banking system and the pursuit of a free trade agreement with the United States finally produced the observed turnaround starting in 1990. In this book, Nora Lustig tells the story of adjustment and reform in Mexico from the onset of the debt crisis in 1982 through the early 1990s when the sweeping reforms began to bear fruit. The author looks closely at the social costs of adjustment and who bore the greatest share. In addition, she explores the characteristics of the new development strategy and analyzes the motivations and potential consequences of Mexico's search for greatereconomic integration with the United States.
This work is a unique exploration of modern Argentina, combining narrative historical chapters with a reference section covering the nation's most important cultural figures, places, and events. Argentina: A Global Studies Handbook is a revealing look at South America's second largest nation, providing an interdisciplinary introduction to the country's economy, history, geography, politics, government, society, and culture. Argentina spans over five centuries of the nation's evolution—from the arrival of the conquistadors through the years of revolution and independence, from the Peron era and the often difficult post-Peron transitioning, to the surprising success of current president Néstor Kirchner. The book features both narrative chapters on the country's history and culture, and a reference section with alphabetically organized entries on important people, places, events, and more. There is no better place to begin an investigation of Argentine society and culture, its rich artistic traditions and volatile politics, and the dramatic history that shaped the nation as it is today.