Economic history of Argentina

1797: 978: 1931: 852:), the raising of mules for transport and the hunting of feral cattle herds to produce meat, leather and tallow— all of these economic activities supplied the mining economy of Potosí in the Andes. In the 18th century, the depletion of feral cattle herds led to the development of settled livestock agriculture in the Argentine Littoral as well as in inland regions. The relative lack of extra-economic coercion due to ample access to land on the agrarian frontier, the prevalence of wage labor, the variety of types of land tenure (ownership, tenancy, a spectrum of usufruct rights) as well as a lack of a fixed and hegemonic landed elite all lead Adelman to reject the label of “feudalism” to describe the agrarian economy of what now makes up Argentina during the colonial period. 1406: 1137: 2169: 1272:, which restricted the monetary authorities to issue paper currency only if it was fully backed by gold or convertible foreign currency. The decades of the 1860s and 1880s experienced the most favorable performance of the economy overall, setting the stage for the so-called Golden Age of Argentine history. Nevertheless, the first years of independence included a difficult economic development. In spite of the new freedom caused by the inauguration of the republic, the country was not economically united: expansion in some parts and decline in other parts. Indeed, people experienced different levels of income and welfare. Therefore, it is unclear whether this period of time (1820–1870) brought an income or welfare improvement. 2567: 1232: 1598: 876: 1446: 1610: 2248: 2106:

new line it was not unusual to wait more than ten years, and apartments with telephone lines carried a big premium in the market. After privatization the wait was reduced to less than a week. Productivity increased as investment modernized farms, factories and ports. However, in all cases, there were large outflows of employees. In addition, the process of privatization was suspected of corruption in many cases. Ultimately, the privatized enterprises became private (rather than public) monopolies. Their prices on long-term contracts were indexed to American inflation, even though prices in Argentina were falling.

542: 2016: 559: 2354: 1501: 44: 782:, created an integrated political and commercial elite in Buenos Aires, made up of military officers, Crown officials and local merchants, and a political economy in which “corruption”— that is, the violation of royal laws regarding trade— was not an aberration but rather a defining characteristic. For Moutoukias, “corruption” in this context was simply “the violation of a fixed set of norms that limited the integration of the crown’s representatives with the local oligarchy”— a violation that was tacitly tolerated by the Crown because it was lucrative. 1387:

countries such as France, Germany and Belgium, though British investment still accounted for two thirds of total foreign capital. In 1890 Argentina was the destination of choice for British investment in Latin America, a position it held until World War I. By then, Argentina had absorbed between 40% and 50% of all British investment outside the United Kingdom. Despite its dependence on the British market, Argentina managed a 6.7% annual rate of growth of exports between 1870 and 1890 as a result of successful geographic and commodity diversification.

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2015, the government announced the elimination of export restrictions for wheat, maize and meat, while reducing withholding taxes on soybeans to 30% at a fiscal cost of 23,604 million pesos. This led to large price increases in staple products including oil, which increased by 51%, flour 110%, chicken 90%, noodles 78%, and a 50% increase in the price of meat in two weeks. Because of a 150-180% increase in feed prices, many pig producers were in crisis. It is estimated that in the province of Buenos Aires alone, 40 thousand pork producers would fail.

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prices and menus for restaurants), choked economic activity. The long-term effect was to create pervasive disregard for the law, which Argentines came to view as a hindrance to earning a living rather than an aid to enforcing legitimate property rights. The combination of industrial protectionism, redistribution of income from the agrarian to the industrial sector, and growing state intervention in the economy sparked an inflationary process. By 1950, Argentina's GDP per capita accounted fell to less than half of that of the United States.

567: 986: 1368: 2079: 1479:, laid the foundations for a return to stability and growth after the restoration of convertibility in 1899. He also reformed the banking sector in ways that were to restore stability in the medium term. Rapid growth rates soon returned: in the period 1903–1913, GDP increased at an annual rate of 7.7%, and industry grew even faster, jumping by 9.6%. By 1906, Argentina had cleared the last remnants of the 1890 default and a year later the country re-entered the international bond markets. 1692: 1684: 516: 686: 7941: 2668: 474: 1360:, Argentina's first national party; all the presidents until 1916 would come from this party. Avellaneda undertook the tough actions needed to get the debt under control. In 1876 convertibility was suspended. The inflation rate rose to almost 20% in the following year, but the ratio of debt to GDP plummeted. Avellaneda's administration was the first to deliver a balance in the fiscal accounts since the mid-1850s. Avellaneda passed on to his successor, 1992: 1866: 1310:

export of agricultural goods. A 2018 study describes Argentina as a "super-exporter" during the period 1880–1929 and credits the boom to low trade costs and trade liberalization on one hand and on the other hand to the fact that Argentina "offered a diverse basket of products to the different European and American countries that consumed them". The study concludes "that Argentina took advantage of a multilateral and open economic system."

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toward agricultural production created a gap in income distribution, as the majority of those who worked in agriculture labored on tiny plots, while the majority of the land was in large estates. Argentina signed trade agreements with Britain, the Soviet Union and Chile, slightly opening the market to international trade as Perón's second economic plan sought to capitalize on the country's comparative advantage in agriculture.

1201: 2682: 2205:. In December, the de la Rua government announced a $ 40 billion multilateral assistance package organized by IMF. The uneven implementation of fiscal adjustments and reforms, a worsening global macroeconomic environment, and political instability led to the complete loss of market access and intensified capital flight by the second quarter of 2001. Argentine sovereign debt, held mostly in bonds, was massively 672: 1805: 2880: 2533:

contribution, and approximately 35,000 companies consider closing their business. even so, the president remains firm in his decision to maintain the state of total quarantine. Despite cuts in the payment chain, some project 180 total days and calculate 5% of companies that fell in May. In 2023, the rate of inflation in Argentina surpassed 100% for the first time since the early 1990s.

1402:, and then for shipment around the world. Some contemporary analysts lamented the export bias of the network configuration, while opposing the "monopoly" of private British companies on nationalist grounds. Others have since argued that the initial layout of the system was mostly shaped by domestic interests, and that it was not, in fact, strictly focused on the port of Buenos Aires. 1472:, which ultimately led to the collapse of the banking system. The financial crisis of 1890 left the government with no funds for its immigration subsidies program, and it was abolished in 1891. Loans to Argentina were severely curtailed, and imports had to be cut sharply. Exports were less affected, but the value of Argentine exports did not surpass the 1889 peak until 1898. 2216:. With Argentina no longer in compliance with the conditions of the expanded IMF-supported program, the IMF decided to suspend disbursements. At the end of December, in a climate of severe political and social unrest, the country partially defaulted on its international obligations; in January 2002, it formally abandoned the currency convertibility regime. 1483:

damaged economy to improve its trade balance through import-substitution. By 1914, about 15% the Argentine labor force was involved in manufacturing, compared to 20% involved in commercial activities. In 1913, the country's income per head was on a par with that of France and Germany, and far ahead of Italy's or Spain's. At the end of 1913, Argentina had a

2031:(IMF) for financial assistance, as it too was in serious difficulties. While developments looked positive for a while, an IMF staff team visiting Buenos Aires in August 1983 discovered a variety of problems, particularly a loss of control over wages affecting both the budget and external competitiveness, and the program failed. With the 1768:

growers and, when world grain prices dropped in the late 1940s, it stifled agricultural production, exports and business sentiment, in general. Despite these shortcomings, protectionism and government credits did allow an exponential growth of the internal market: radio sales increased 600% and fridge sales grew 218%, among others.

821:, the lack of any activity closely linked to foreign trade, and the scant amounts of labor and capital they consequently received, fell far behind those of other areas of the colonial world that participated in foreign trade. Only activities associated with a dynamic exporting centre enjoyed some degree of prosperity, as occurred in 1886:

local industry declined, and many exports were priced out of the market. The Ministry of Economy put an end to the exchange rate policy of previous governments. The currency underwent a 30% devaluation. In 1970, the "peso moneda nacional" (one of the longest-lived currencies in the region) was replaced by the "

2555:, was sworn in as new president of Argentina. During the electoral campaign, inflation was at over 100 percent. At the time of Milei's inauguration in December 2023, Argentina’s economy was suffering 143 percent annual inflation, the currency had plunged and four out of 10 Argentines were in poverty. 2331:

In December 2005, Kirchner decided to liquidate the Argentine debt to the IMF in a single payment, without refinancing, for a total of $ 9.8 billion. The payment was partly financed by a US$ 1.6 billion loan from Venezuela,. As of mid-2008 Venezuela holds an estimated US$ 6 billion in Argentine debt.

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standard, which went into effect in July 1883. Unlike many precious metal standards the system was very decentralized: no national monetary authority existed and all control over convertibility rested with the five banks of issue. The period of convertibility lasted only 17 months: from December 1884

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forced Lavalle to leave the province, and the federals ruled Buenos Aires until 1852. Rosas modified a number of policies of the Rivadavian period but maintained others: he set a customs law with protectionist policies, but kept the port under the exclusive control of Buenos Aires and refused to call

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As a result of the diversification in markets and products, Argentina managed to escape the trap of a single-staple economy and sustained its economic growth over six decades. The combined effect of declining prices of textiles and rising prices of livestock products produced dramatic improvements in

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The period between the 16th and the end of the 18th century was characterized by the existence of self-sufficient regional economies separated by considerable distances, a lack of road, maritime or river communications, and the hazards and hardship of land transport. By the end of the 18th century, a

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in Argentina led to a reliance on foreign capital to offset the resulting low savings rate. From the 1930s onwards, the accumulation of capital was hampered by the relatively high prices of (mostly imported) capital goods, which was caused by the industrial policy of import substitution, in contrast

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generated more than 20% of Argentina's export revenue, triple the joint share of the traditional exports of beef and wheat. Export taxes comprised 8% to 11% of the Kirchner government's total tax receipts, around two-thirds from soy exports. Taxes on imports and exports increased government spending

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After the collapse of public enterprises during the late 1980s, privatization became strongly popular. Menem privatized almost everything the state owned, except for a couple of banks. In terms of service there were indisputable improvements. For example, before the telephone privatization, to get a

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Between 1975 and 1990, real per capita income fell by more than 20%, wiping out almost three decades of economic development. The manufacturing industry, which had experienced a period of uninterrupted growth until the mid-1970s, began a process of continuous decline. The extreme dependence on state

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During the first Five-Year Plan, various public works and programs were executed, with the aim to modernize the country's infrastructure. For example, a total of 22 hydroelectric power plants were erected, increasing electrical output from 45,000 kVA in 1943 to 350,000 kVA in 1952. Between 1947 and

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All the same, between 1853 and the 1930s, fiscal instability was a transitory phenomenon. The depressions of 1873–77 and 1890–91 played a crucial role in fostering the rise of industry: timidly in the 1870s and more decisively in the 1890s, industry grew with each crisis in response to the need of a

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was considered the highest in 28 years according to the index, ascending to 53.8%. To the cause of the quarantine in 2020, in April, 143,000 SMEs will not be able to pay salaries and fixed expenses for the month, even with government assistance, so they will have to borrow or increase their capital

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was strangling the urban and rural working population: decreasing from the astounding 40% of 2016, it was expected to be 17% by 2018. Other vulnerabilities include an unemployment rate close to 9% (expected to be in two digits in the next two years), as well as the sharp rise in the current-account

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took office, seeking assistance from the IMF shortly thereafter. In March 2000, the IMF agreed to a three-year $ 7.2 billion stand-by arrangement with Argentina, conditioned on a strict fiscal adjustment and the assumption of 3.5% GDP growth in 2000 (actual growth was 0.5%). In late 2000, Argentina

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Krieger's tenure witnessed increased concentration and centralization of capital, coupled with privatization of many important sectors of the economy. The international financial community offered strong support for this program, and economic growth continued. GDP expanded at an average annual rate

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Wage growth beginning in 1950 pushed prices up. The inflation rate increased faster, and soon real wages fell. High inflation prompted a stabilization plan that included tighter monetary policy, a cut in public expenditures, and increases in taxes and utility prices. Increasing economic wariness as

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Perón's second Five-Year Plan in 1952 favored increased agricultural output over industrialization, but industrial growth and high wages in previous years had expanded the domestic demand for agrarian goods. During the 1950s, output of beef and grain fell, and the economy suffered. The policy shift

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Wartime reserves enabled the Peronist government to fully pay off the external debt in 1952; by the end of the year, Argentina became a net creditor to the tune of US$ 5 billion. Between 1946 and 1948, the French and British-owned railways were nationalized, and the existing networks were expanded,

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Unemployment resulting from the Great Depression caused unrest. The industrial growth spurt of the 1930s gradually slowed. The economic conditions of the 1930s contributed to the process of internal migration from the countryside and smaller towns to the cities, especially Buenos Aires, where there

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The share of public spending in GDP increased from 27% in 1995 to 30% in 2000. Some poorer provinces had depended on state enterprises or on inefficient industries, such as sugar, which could not compete when international trade was opened. To quell social unrest, provincial governors padded their

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reserves. This was a risky policy which meant at a later stage Argentina could not devalue. After a lag, inflation was tamed. With risk of devaluation apparently removed, capital poured in from abroad. GDP growth increased significantly and total employment rose steadily until mid-1993. During the

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replaced the discredited peso. In 1986, Argentina failed to pay the debt for several months, and the debt was renegotiated with the creditor banks. In 1986 and 1987, the Austral Plan faded away, as fiscal policy was undermined by large off-budget spending and a loose monetary policy, again falling

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assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That

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A gradual reversal in trade policy culminated in the military announcing import substitution as a failed experiment, lifting protectionist barriers and opening the economy to the world market. This new policy boosted some exports, but an overvalued currency meant certain imports were so cheap that

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After 1966, in a radical departure from past policies, the Ministry of Economy announced a program to reduce rising inflation while promoting competition, efficiency, and foreign investment. The anti-inflation program focussed on controlling nominal wages and salaries. Inflation decreased sharply,

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During this period Argentina's economy continued to grow, on average, but more slowly than the world as a whole or than its neighbors, Brazil and Chile. A suggested cause is that a multitude of frequently changed regulations, at times extended to ridiculous specifics (such as a 1947 decree setting

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had a comparatively mild effect on Argentina: the unemployment rate never went above 10%, and the country largely recovered by 1935. However, the Depression permanently halted its economic expansion. Actually, much like other developing countries, the economy was already in a downturn beginning in

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Exports of frozen beef, especially to Great Britain, proved highly profitable after the invention of refrigerated ships in the 1870s. However Britain imposed new restrictions on meat imports in the late 1920s, which sharply reduced beef imports from Argentina. Ranchers responded by switching from

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The customs law set trade barriers to products produced in the country, and imposed high import tariffs on luxury goods, together with export quotas and tariffs on gold and silver. However, the law was not completely effective because of the control of the port, which did not allow the provinces a

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In October 2008 President Fernández de Kirchner nationalized private pension funds worth almost $ 30 billion, ostensibly to protect the pensions against falling stock prices around the world, although critics said the government simply wanted to add the money to its budget. Private pension funds,

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against a resolution that would have increased the tax rate on soybean exports from 35% to 44.1%. Ultimately, the new taxation regime was abandoned. Official Argentine statistics are believed to have significantly underreported inflation since 2007, and independent economists publishing their own

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was elected President of Argentina, bringing an end to the military dictatorship. Under Alfonsin, negotiations started on a new program with the IMF, but they led to nothing. In March 1984, Brazil, Colombia, Mexico and Venezuela lent Argentina $ 300 million for three months, followed by a similar

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that rose through the 1980s, when it briefly exceeded an annual rate of 1000%. Successive regimes tried to control inflation by wage and price controls, cuts in public spending, and restriction of the money supply. Efforts to stem the problems came to naught when in 1982 Argentina came into armed

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that was based on a timetable to announce a gradually-declining rate of depreciation. The announcements were repeated on a rolling basis to create an environment in which economic agents could discern a government commitment to deflation. Inflation gradually fell throughout 1980 to below 100%. In

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based on growth of nationalized industries. Protectionism also created a domestically oriented industry with high production costs, incapable of competing in international markets. At the same time, output of beef and grain, the country's main export goods, stagnated. The IAPI began shortchanging

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In April 2016, monthly inflation rose to 6.7%, the highest since 2002, according to the indicator, with annual inflation reaching 41.7%, one of the highest in the world. Another estimate said that inflation reached 37.4%, the fiscal deficit 4.8%, and predicted GDP would fall by 1.9%. In December

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exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market.

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In the colonial period, the territories that now make up Argentina were subject, like the rest of the Spanish territories in the Americas, to legal restrictions regarding how and with whom trade could be conducted. Throughout the 17th and 18th centuries, trade directly through the port of Buenos

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during December 1994. The economy shrank by 4%, and a dozen banks collapsed. With the labor force continuing to expand and employment falling sharply along with aggregate demand, unemployment rose by over 6% in 6 months. But the government responded effectively: it tightened bank regulation and

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was charged with maintaining the peso's value in gold. The devaluation of the peso increased the competitiveness of its exports and protected domestic production. Argentina saw the value of its exports drop from $ 1,537 million in 1929 to $ 561 million in 1932, but this was by no means the most

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Argentina, like many other countries, entered into a recession following the beginning of World War I as international flows of goods, capital and labour declined. Foreign investment in Argentina came to a complete standstill from which it never fully recovered: Great Britain had become heavily

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Argentina, which had been insignificant during the first half of the 19th century, showed growth from the 1860s up until 1930 that was so impressive that it was expected to eventually become the United States of South America. This impressive and sustained economic performance was driven by the

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is one of the most studied, owing to the "Argentine paradox". As a country, it had achieved advanced development in the early 20th century but experienced a reversal relative to other developed economies, which inspired an enormous wealth of literature and diverse analysis on the causes of this

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In response to the Great Depression, successive governments pursued a strategy designed to transform Argentina into a country self-sufficient in industry as well as agriculture. The strategy of growth was based on import substitution in which tariffs and quotas for final goods were raised. The

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Other scholars reject the label of “feudal” to describe Argentine economy and society during the colonial period. Historian Jeremy Adelman, for example, describes an agrarian economy in the Argentinian interior in which both wage labor and production for the market were quite common during the

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However, unlike its neighbors, Argentina became capable of still having relatively healthy growth rates during the 1920s, not being as affected by the worldwide collapse of commodity prices as Brazil and Chile were. Similarly, the gold standard was still in place at a time almost all European

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The ensuing economic and political crisis was arguably the worst since the country's independence. By the end of 2002, the economy had contracted by 20% since 1998. Over the course of two years, output fell by more than 15%, the Argentine peso lost three-quarters of its value, and registered

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The profitability of the agricultural sector attracted foreign capital for railways and industries. British capital investments went from just over £20 million in 1880 to £157 million in 1890. During the 1880s, investment began to show some diversification as capital began to flow from other

2102:, this time with more fiscal adjustment in view of a government deficit of 16% of GDP. In November 1989 agreement was reached on yet another standby with the IMF, but again the arrangement was ended prematurely, followed by another bout of hyper-inflation, which reached 12,000% per year. 1970:

After the relatively stable years of 1976 to 1978, fiscal deficits started to climb again, and the external debt tripled in three years. The increased debt burden interrupted industrial development and upward social mobility. From 1978, the rate of exchange depreciation was fixed with a

2275:, who became Minister of the Economy in April 2002, was credited for the ensuing recovery, having stabilized prices and the exchange rate to head off hyperinflation. After the default in 2001, growth reached over 6% a year for seven of the eight years to 2011. This was in part due to a 2134:

capital requirements, and encouraged foreign banks to take over weaker local ones. The economy soon recovered and, between 1996 and 1998, both output and employment grew rapidly and unemployment declined substantially. However, at the beginning of 1999, the Brazilian currency underwent

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provided the political and legal stability necessary to assert property rights and cut transaction costs, contributing to the huge inflows of capital and labor resources that built modern Argentina. In 1866 an attempt was made to stabilize the currency, by introducing a system of

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economies declined, as investors turned their attention to Asia and the Caribbean. The United States, which came out of the war a political and financial superpower, especially perceived Argentina (and to a lesser extent Brazil) as a potential rival on world markets. Neither the

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caused the fiscal deficit to skyrocket. Similarly, the Confederation faced harsh economic conditions. Urquiza, president of the Confederation, issued the 'law of differential rights', benefiting the ships trading with the ports of the Confederation and but not with Buenos Aires.

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allowed Britain to manage the maritime trade. Forbes's testimony should be appraised in perspective of the contemporary Anglo-American commercial rivalry, In light of the partial nature of the account and of his "jealousy, even antipathy" towards the English in Rio de la Plata.

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and multiple exchange rates were its most important characteristics. Beginning in 1947, Perón took a leftward shift after breaking up with the "Catholic nationalism" movement, which led to gradual state control of the economy, reflected in the increase in state-owned property,

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Aires, rather than via the official system of fleets out of the port of Lima in modern Perú, was forbidden except through special permission from the Crown. In practice, however, this did not mean that the colonial economy of what is now Argentina was closed to trade.

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By May 2014, private forecasts estimated annual inflation at 39.9%, one of the highest rates in the world. In July 2014, a ruling from a New York court ordered the country to pay the remaining holders of the bonds defaulted in 2001, which by then were mostly American

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Argentina fell into a deep recession in the second half of 1998, triggered and then compounded by a series of adverse external shocks, which included low prices for agricultural commodities, the appreciation of the US dollar, to which the peso was pegged at par, the

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In the early 1970s, per capita income in Argentina was twice as high as in Mexico and more than three times as high as in Chile and Brazil. By 1990, the difference in income between Argentina and the other Latin American countries was much smaller. Starting with the

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import-substitution process had progressively been adopted since the late 19th century, but the Great Depression intensified it. The government's encouragement of industrial growth diverted investment from agriculture, and agricultural production fell dramatically.

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favored by Canada. Other distorting factors behind the high relative prices of capital goods include the multiple exchange rates, the black market for foreign currencies, the depreciation of the national currency and high customs tariffs. This resulted in a lower

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Rebossio, Alejandro (2015): «The end of the exchange rate: the Argentine peso depreciates 30% and threatens to further fuel inflation. The liberalization of the control of changes derives from a strong devaluation of the currency. Argentina releases control of

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which remains sparsely populated to this day. The agricultural and livestock sector's output was principally consumed by the producers themselves and by the small local market. They only became associated with foreign trade towards the end of the 18th century.

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deficit around 3% to 4% of GDP in 2017–2018 thanks to an over-valued currency. Forecasts from the IMF show GDP growth in 2018 decelerating to 2.5% from 2.75%, and clearly any halting of the cyclical upswing in the global economy would set the country back.

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On December 17, 2015, Macri lifted foreign exchange restrictions, leading to a 30% devaluation of the Peso, the largest since 2002. In January 2016 it was devalued to 44 cents. Unemployment reached double digits as, with massive layoffs in the public and

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strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income. By 1913, Argentina was among the world's ten wealthiest states per capita.

916:, for example, imported as many as 2.5 million Africans in the 18th century. By contrast, an estimated 100,000 African slaves arrived at the port of Buenos Aires in the 17th and 18th centuries, and many were destined for Paraguay, Chile and Bolivia. 1383:

the banks of issue refused to exchange gold at par for notes. The suspension of convertibility was soon accommodated by the government, since, having no institutional power over the monetary system, there was little they could do to prevent it.

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to head the Economy Ministry. His strategy implied a very active role for the public sector in guiding the process of economic growth, calling for state control over the money supply, wages and prices, and bank credit to the private sector.

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Argentine peso depreciates 30%, the worst drop in 13 years, by Reuters: «The Government of Mauricio Macri announced the lifting of exchange rate measures that limited market operations: the Argentine peso devalued 30%, the worst Fall in 13

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between 1992 and 1999. Unable to devalue, Argentina could only become more competitive if prices fell. Deflation came from recession, falling wages and rising unemployment. Interest rates remained high, with banks lending dollars at 25%.

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significant national economy came into being as Argentina developed a market in which reciprocal flows of capital, labor, and goods could take place on a significant scale between its different regions, which it had hitherto lacked.

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For all its success, by the 1920s Argentina was not an industrialized country by the standards of Britain, Germany or the United States. A major hindrance to full industrialization was the lack of energy sources such as coal or

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was Minister of Finance, the government borrowed heavily to finance new projects and to pay off war debts. These loans were tendered at usurious rates: in one notorious loan, the government received credit for £570,000 from the

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consider that it was neither capitalist nor feudalist, but a hybrid system result of the interaction of the Spanish civilization, on the transition from feudalism to capitalism, and the natives, still living in prehistory.

1842:": a new attempt at import substitution which aimed to achieve self-sufficiency in oil production by signing several contract with foreign companies for the mining and exploitation of oil. In 1960, Argentina joined the 6186: 5210: 7588: 5532: 5211:"Understanding the Latin American Gap during the era of Import Substitution: Institutions, Productivity, and Distance to the Technology Frontier in Brazil, Argentina and Mexico's Manufacturing Industries, 1935–1975" 1299:"In spite of its enormous advance which the Republic has made within the last ten years, the most cautious critic would not hesitate to aver that Argentina has but just entered upon the threshold of her greatness." 2436:, had not done its duty as to provide the financial support for research and land exploitation, as well as being a bad administrator concerned only in sending profits to Spain and forsaking YPF's economic growth. 1394:, a ten-kilometer (6.2 mi) road, had been built in 1854. By 1885, a total of 2,700 miles (4,300 km) of railways were open for traffic. The new railways brought livestock to Buenos Aires from the vast 738:

In addition to trade with Brazil and Guinea, which was legalized in the early seventeenth century, colonial Buenos Aires also conducted trade directly with Spain and other European powers through the so-called

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from power and improved economic conditions, but political turbulence intensified. In 1932, Argentina required immigrants to have a labor contract prior to arrival, or proof of financial means of support. The

713:, which caused it to assume a peripheral position within the Spanish colonial economy. It lacked deposits of gold or other precious metals and did not have established native civilizations to subject to the 939:

During the early post-independence period, an important share of Argentina's exports came from cattle and sheep production. The livestock-raising economy was based upon the abundance of fertile land in the

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to conquer key cities in Spanish America but they were defeated by the local forces of what is now Argentina and Uruguay not once but twice without the help of Spain. When they allied to Spain during the

1905:. Krieger was removed, but the Onganía administration was unable to agree on an alternative economic policy. By 1970, the authorities were no longer capable of maintaining wage restraints, leading to a 2239:

criticized the IMF's conduct prior to Argentina's economic collapse of 2001, saying the IMF had supported the country's fixed exchange rate for too long, and was too lenient towards fiscal deficits.

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In 1838 there was a new currency crisis, and the peso papel was devalued by 34%, and in 1839 when the peso papel lost 66% of its value. It was again devalued by 95% in 1845, and by 40% in 1851. The

6013: 6246: 1437:), tempted by the high wages, arrived in droves. The government subsidized European immigration for a short time in the late 1880s, but immigrants arrived in massive numbers even with no subsidy. 2416:

In November 2011, the government laid a plan to cut utilities subsidies to higher income households. By mid-2011, credit was outpacing GDP by a wide margin, raising concerns that the economy was

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played a much lesser role in the development of the Argentine economy, mostly because of the absence of gold mines and sugar plantations, which would have demanded huge numbers of slave workers.

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Exports grew from $ 12 billion in 1991 to $ 27 billion in 2001, but many industries could not compete abroad, especially after Brazil's devaluation. The strong, fixed exchange rate turned the

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Exports rose 4% to 5% annually from 1810 to 1850 and 7% to 8% from 1850 to 1870. This growth was achieved through the extension of the frontier and greater efficiency in livestock production.

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support of the many protected industries exacerbated the sharp fall of the industrial output. The degree of industrialization at the start of the 1990s was similar to its level in the 1940s.

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country in which powerful organized interest groups negotiated for positions and resources. During these years, Argentina developed the largest middle class on the South American continent.

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in 2005 failed, as many items went out of stock and the mandatory prices were often ignored. Various sectors of the economy were re-nationalized, including the postal service (2003), the

2235:. Others have stressed that the main shortcoming of economic policy-making during the 1990s was that economic reform was not pursued with enough determination. A 2004 report by the IMF's 919:

The colonial livestock ranches were established toward the middle of the 18th century. The pace of growth in the region increased dramatically with the establishment in 1776 of the new

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In 2006, Argentina re-entered international debt markets selling US$ 500 million of its Bonar V five-year dollar denominated bonds, with a yield of 8.36%, mostly to foreign banks, and

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Duncan and Fogarty (1984) argued that the key difference lies in the contrast between the stable, flexible government of Australia and the poor governance of Argentina. According to

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measures that foresaw little fiscal adjustment. The IMF refused to resume lending to Argentina. Six months after its introduction, the plan collapsed, leading to hyperinflation and

1060:

faction centred on Buenos Aires and a Federalist faction in the provinces, which eventually led to a series of civil wars that ended with the conquest of Buenos Aires by Federalist

844:

which limited supplies and enabled Spanish merchants to mark up prices and increase profits. British and Portuguese merchants broke this monopsony by resorting to contraband trade.

609:

Beginning in the 1930s, the Argentine economy deteriorated notably. The single most important factor in this decline has been political instability since 1930 when a military junta

2506:

for treatment on March 1, 2016. As of December 2017, Macri had not fulfilled his promise, and it was not in the government's plan to eliminate the Income tax in the future either.

6067: 2154:

payrolls. The government had embarked on an old-age pension reform with costs reaching 3% of GDP in 2000, as it still had to pay pensioners but no longer received contributions.

7765: 2378: 1996: 1577:, the first state-owned oil company in Latin America, was founded in 1922 as a public company responsible for 51% of the oil production; the remaining 49% was in private hands. 5751: 1796: 8443: 6582: 6190: 5358: 5217: 747:

system to conduct specific services, such as transport soldiers. Dutch and Basque merchants in particular played an important role, in partnership, in managing the system of

7565: 6368: 6601: 6272: 5539: 2597:

such as Australia and Canada was its failure to seek adequate alternatives to compensate for the end of geographical expansion with the definitive closing of the frontier.

1317:. Until 1875 wheat was imported as it was not grown in sufficient quantities to supply local demand; by 1903 the country supplied all its own needs and exported 75,270,503 5844: 759:

were inserted. Thus, in the second half of the seventeenth century an estimated 200 ships entered the port of Buenos Aires without any permission at all, as opposed to 34

6327: 7498: 1715:

that engineered the plot, became Minister of Labor. Campaigning among workers with promises of land, higher wages, and social security, he won a decisive victory in the

6671: 5954: 7416: 5013: 2047:

amount by the United States. That provided some breathing space as it was not before late September 1984 that an agreement was reached between the IMF and Argentina.

1460:

merchant bank had developed a close and profitable association with Argentina, and when Celman's government was unable to meet its payments to the House of Baring,

8676: 7426:

Francis, Joseph. 2013. "The Terms of Trade and the Rise of Argentina in the Long Nineteenth Century." PhD thesis, London School of Economics and Political Science.

5158: 7622: 6512:"The Argentine peso cuts losses after Devaluation: the currency fell 26 The move is due to the elimination of exchange controls in the South American nation" 5557: 5465: 1816:

In the 1950s and part of the 1960s, the country had a slow rate of growth in line with most Latin American countries, while most of the rest of the world enjoyed

621:

was higher than that of Austria, Italy, Japan, and of its former colonial master, Spain. Successive governments from the 1930s to the 1970s pursued a strategy of

9261: 5936: 5507: 6287: 5624: 613:, ending seven decades of civilian constitutional government. In macroeconomic terms, Argentina was one of the most stable and conservative countries until the 7912: 5493: 5994: 4078: 1456:'s administration saw a substantial increase in the ratio of debt to GDP toward the end of his tenure and an increasing weakness in the fiscal situation. The 774:

Argentinian historian Zacarías Moutoukias argues that this system of trade, in which Buenos Aires was linked with the mining economy of the Andes through the

7907: 6350: 1658:

of 1933 gave Argentina a quota of the British market for exports of its primary products, but the discriminatory British imperial tariffs and the effects of

786: 5086: 2393:

hit the country in 2009 with GDP growth slowing to 0.8%. High GDP growth resumed in 2010, and the economy expanded by 8.5%. In April 2010, Economy Minister

1255:, saw an extremely poor economic performance. Efforts to fund extraordinary expenditure on the conflict between Buenos Aires and the other provinces of the 794: 6782: 1913:

ran out of steam, urban migration slowed. Per capita income fell, and with it the standard of living. Perón's third term of office was characterized by an

632:

The era of import substitution ended in 1976, but at the same time growing government spending, large wage increases, and inefficient production created a

6250: 6017: 5336: 2443:

caused a rapid depletion of the country's dollar reserves, prompting the government to severely curtail access to dollars in June 2012. The imposition of

9130: 7902: 6702: 6205: 2625: 2495: 6468: 4911: 4850: 2386:

which were first licensed in 1994, suffered large losses during the 1998–2002 crisis and by 2008, the state subsidized 77% of the funds' beneficiaries.

1633:

in December 1929, earlier than most countries. For much of the previous period, the country had operated a currency board, in which a body known as the

977: 583:, the country has defaulted on its debt nine times. Inflation has often risen to the double digits, even as high as 5,000%, resulting in several large 7644: 6540:

Millán, S. (2015): «Telefónica, BBVA, Santander, Abertis or Natural Gas: the Spanish companies on alert against the devaluation of the Argentine peso"

4971: 3944: 5187: 5063: 4946: 2598: 2590: 1071:

Each province had its own money, and the same money had a different value from one province and another, and even among cities in the same province.

955:, which rose 377% between 1810 and 1825 in local prices. Several governors waged campaigns against the natives to increase the available lands, from 6879: 2925: 1930: 1464:

ensued. Argentina defaulted and suffered bank runs as the Baring Brothers faced failure. The crisis was caused by the lack of co-ordination between

659:

numerous state-run companies using part of the proceeds to reduce the national debt. However, a sustained recession at the turn of the 21st century

7613: 6557: 1216:

steady financial income. The exclusive control of the port was long resisted by federals from other provinces and led to the conflict of Rosas and

810: 1159:

that most official institutions (as the Bank) were under British control, and that Britain had similar control over the Argentine economy to that

7780: 6690: 584: 551: 2348: 1340:

Buenos Aires Docks, 1915. The British-financed docks and railway system created a dynamic agro-export sector that remains as an economic pillar.

183: 9098: 7686: 7190: 5810: 5599: 3805: 1894: 502: 434: 424: 6853: 1955:

in 1975, inflation accelerated sharply, reaching an average of more than 300% per year from 1975 to 1991, increasing prices 20 billion times.

9246: 6758: 6146: 6906: 6635: 5773: 5648: 2309:

from 14% to 25% of GDP. However, the import and export taxes discouraged foreign investment, while high spending pushed inflation over 20%.

1730:

Early Peronism was a period of macroeconomic shocks during which a strategy of import substitution industrialization was put into practice.

9317: 6511: 6040: 4297: 2447:, in turn, led to the emergence of a black market for dollars, known as the "dólar blue", at higher rates than the official exchange rate. 2220:

unemployment exceeded 25%. Income poverty in Argentina grew from an already high 35.4% in October 2001 to a peak of 54.3% in October 2002.

1418: 767:

system of funding from the royal treasury in Potosí, in Upper Peru, which supplied the military garrison in Buenos Aires. In practice, the

7239: 5976: 1121:

The exports of gold, allowed by the free trade policies, soon depleted the national reserves. This posed a great problem, as gold was the

9113: 7760: 5918: 2605:

in Canada, which led to a rising number of small farmers, and the small number of landowners each with large areas of land in Argentina.

1720: 257: 6071: 5600:"Culture and Social Resistance to Reform: A theory about the endogeneity of public beliefs with an application to the case of Argentina" 1133:. Like a number of other central banks worldwide, this bank was not owned by the state, but by private investors, British in this case. 864: 9145: 9058: 8631: 7976: 7775: 304: 6164: 5759: 2455:, before it paid any of its exchange bondholders. The Argentine government refused, causing the country to default on its debt again. 1513:

indebted to the United States during the war and would never again export capital at a comparable scale. And after the opening of the

138: 9310: 9231: 8167: 7770: 6227: 4499: 1828:

of 1955, as the working classes saw their quality of life diminished, thus stripping Perón from a large part of his popular support.

1094:". This plan increased the British influence in the national politics. It was based on five main pillars: complete free trade and no 909: 660: 629:, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatically. 7401:

Elena, Eduardo. "Spinsters, Gamblers, and Friedrich Engels: The Social Worlds of Money and Expansionism in Argentina, 1860s–1900s."

178: 8475: 7755: 7546: 6579: 6295: 5365: 4723: 4204: 2163: 1817: 663:, and the government again devalued the peso. By 2005 the economy had recovered, but the country again defaulted in 2014 and 2020. 7218: 7119: 6376: 5726: 5411: 2212:

In December 2001, a series of deposit runs began to destabilize the banking system, leading the Argentine authorities to impose a

1152:, sixth President of the United States, in 1824 mentioned that Britain had a huge influence in the economic power of the country. 9322: 8792: 6598: 1324:

In the 1870s real wages in Argentina were around 76% relative to Britain, rising to 96% in the first decade of the 20th century.

689:

Field wagons ("carretas") were introduced by the Spaniards at the end of the 16th century as transport for passengers and goods.

9403: 9377: 9367: 9170: 9073: 8267: 8257: 7378:

Cantamutto, Francisco J., and Daniel Ozarow. "Serial payers, serial losers? The political economy of Argentina’s public debt."

6335: 1110:

national organization centred in Buenos Aires. After Rivadavia resigned in 1827, ending the "happy experience", the federalist

429: 7504: 1820:. Stagnation prevailed during this period, and the economy often found itself contracting, mostly the result of union strife. 1553:'s principle of lending freely at a penalty rate. Instead, the state bank allowed the private banks to shed their risks, with 722:

Only two-thirds of its present territory were occupied during the colonial period, while the remaining third consisted of the

9327: 8872: 8193: 8040: 6669: 5958: 2366: 1910: 1843: 1667: 1405: 1353: 1156: 580: 121: 8020: 8015: 6493: 3899:

Through Five Republics (of South America): A Critical Description of Argentina, Brazil, Chile, Uruguay and Venezuela in 1905

2948: 1192:, which was linked to the price of gold. In 1827 the peso papel was devalued by 33%, and was devalued again by 68% in 1829. 106: 92: 8284: 8218: 7715: 7413: 6925: 2582:

is said to have remarked that there were four types of countries: the developed, the underdeveloped, Japan, and Argentina.

1224:. Despite the financial obstacles, the economy of Entre Ríos grew to a size near that of Buenos Aires, with the decline of 1155:

He mentioned that the government in Buenos Aires was so eager to be on good terms with Britain and gain recognition of the

889: 771:

funded, through a system of credit, a local economy in Buenos Aires which was itself inserted into the contraband economy.

6654: 6623:

Article of May 25, 2016 on the website Om Radio (Buenos Aires) – Opens the audio of the radio without consulting the user

6443: 5702: 1574: 927:, which allowed for "free and protected" trade between Spain and its colonies. This trade system disintegrated during the 9226: 8980: 8970: 8584: 8362: 8277: 8152: 8127: 7989: 2700: 1597: 1313:

During the second half of the 19th century, there was an intense process of colonization of the territory in the form of

7167: 5162: 1980:

1978 and 1979, the real exchange rate appreciated because inflation consistently outpaced the rate of depreciation. The

1882:

decreasing from an annual rate of about 30% in 1965–67 to 7.6% in 1969. Unemployment remained low, but real wages fell.

1328:

rose from 35% of the United States average in 1880 to about 80% in 1905, similar to that of France, Germany and Canada.

8894: 7750: 7711: 7679: 7629: 7328: 7284: 7157: 7065: 7042: 7022: 6999: 6264: 5568: 5476: 5136: 5036: 4626: 4538: 4124: 3880: 3663: 3633: 3382: 3355: 3276: 2791: 2421: 1276: 1136: 1075: 495: 389: 223: 5940: 5514: 3056:"Power, Corruption and Commerce: The Making of the Local Administrative Structure in Seventeenth-Century Buenos Aires" 2523: 2168: 2117:

replaced the austral with the peso at a rate of 10,000 australs for 1 peso. The cornerstone of the reform process was

5631: 4085: 4079:"The impact of the terms of trade on economic development in the periphery, 1870–1939: Volatility and secular change" 2710: 1963: 1666:

were greater opportunities for employment. The urban working classes led several unsuccessful uprisings prior to the

6123: 4173: 4141: 3967:"How Argentina became a super-exporter of agricultural and food products during the First Globalisation (1880–1929)" 3512: 2374: 2358: 1565:

countries had abandoned it. Automobile ownership in the country in 1929 was the highest in the Southern hemisphere.

9382: 9342: 9251: 8975: 8751: 8117: 8085: 6854:"'They are voting for the executioner': Argentina's man with a plan so radical over 100 economists have trashed it" 5998: 1835: 1716: 1541:

grew steadily at the BNA after 1914, polluting its balance sheet. This corrosion of balance sheets was a result of

419: 409: 365: 43: 6354: 4059: 2288: 1704: 1646: 610: 9332: 9236: 9203: 9165: 8990: 8950: 8706: 8533: 8339: 8240: 8070: 8045: 8005: 7851: 5094: 2695: 2202: 1453: 1185: 897:, but is currently considered the result of a general negotiation between Britain and Spain, as reflected in the 637: 317: 208: 99: 60: 7437:

Horowitz, Joel. "Economic history and the politics of culture in twentieth-century Argentina." (2013): 193–203.

6417: 6213: 4950: 2129:

Although the economy was already in a mild recession at this point, conditions worsened substantially after the

9241: 9005: 8915: 8900: 8726: 8716: 8624: 8262: 8208: 8147: 7969: 7892: 6620: 5340: 2933: 1034: 920: 203: 196: 6710: 6691:

http://www.0223.com.ar/note/2016-4-8-more-of-40-thousand-pig-producers-are-in-crisis-for-the-increase-of-foods

5888: 4919: 4858: 2279:, and also because the government managed to keep the value of the currency low, boosting industrial exports. 2121:, under which the peso was fixed by law at par to the dollar, and the money supply restricted to the level of 1763:

against imports, largely cutting off Argentina from the international market. In 1947, he announced his first

1545:

loans to the other banks and the private sector. In its rediscounting actions the BNA was not engaged in pure

1487:

of £59 million, or 3.7% of the world's monetary gold, while representing 1.2% of the world's economic output.

826: 9282: 9198: 9125: 8985: 8960: 8925: 8852: 8640: 8528: 8396: 8055: 8025: 7808: 7672: 3689: 2558:

In January 2024, Argentina’s poverty rate reached 57.4%, the highest poverty rate in the country since 2004.

2236: 2178: 2113:

set out to reverse Argentina's decline through free-market reforms such as open trade. On 1 January 1992, a

1292: 1145: 1026: 1003: 875: 488: 454: 414: 133: 23: 6539: 4979: 1231: 9357: 9175: 9150: 9140: 9063: 9010: 8965: 8955: 8945: 8905: 8862: 8822: 8802: 8776: 8686: 8671: 8543: 8252: 8230: 8157: 8142: 7720: 7651: 5195: 5071: 4326: 3948: 2974: 2469: 2402: 2189:

in January 1999. Argentina's sluggish GDP growth fuelled concerns about the sustainability of public debt.

2182: 1764: 1696: 1609: 1530: 1391: 1357: 1098:

against British imports, finance with a central bank managed by British investors, absolute control of the

967: 902: 85: 9305: 9300: 9256: 9108: 9103: 9093: 9083: 9078: 9068: 9053: 9048: 9043: 9020: 8877: 8842: 8832: 8761: 8746: 8741: 8731: 8721: 8691: 8661: 8367: 8334: 8162: 8137: 8132: 8107: 7917: 7866: 4249: 4030: 4013: 3897: 3830: 2884: 2566: 2028: 1873:

in 1969. The worsening economy and the onset of dictatorship led to waves of protests, strikes and riots.

1523: 6554: 2247: 9347: 9295: 9221: 9160: 9135: 9088: 9037: 9015: 9000: 8935: 8857: 8847: 8812: 8807: 8771: 8766: 8736: 8701: 8666: 8655: 8458: 8349: 8289: 7856: 7846: 7524: 7443:

Katz, Jorge and Bernardo Kosacoff, "Import-Substituting Industrialization in Argentina, 1940–1980," in

2705: 2542: 1743:(including control of rents and prices) and higher levels of public investment, mainly financed by the 1445: 1345: 1083: 459: 285: 7300: 1189: 9337: 9277: 9180: 9155: 9120: 8995: 8940: 8920: 8910: 8837: 8817: 8756: 8711: 8696: 8681: 8617: 8498: 8465: 8453: 8326: 8225: 8198: 7962: 7927: 7839: 2473: 2099: 1414: 1252: 905:

in Buenos Aires reflected similar outcomes emanating from the other Spanish cities of South America.

404: 7199: 6732: 5606: 4426: 3812: 1825: 1095: 924: 275: 8930: 8867: 8827: 8428: 8423: 8315: 8235: 8122: 7790: 5234: 2321: 2172:

February 2002: depositors protest against frozen accounts for fear they might lose value, or worse.

2118: 2036: 1748: 1740: 6150: 5955:"The Nationalization of Aerolíneas Argentinas and Austral: Will the Government Set Them Straight?" 2325: 1670:. Traditional export agriculture stagnated at the outbreak of World War II and remained sluggish. 1348:'s presidency, total debt amounted to 48 million gold pesos. A year later, it had almost doubled. 1217: 1038: 617:, after which it turned into one of the most unstable. Despite this, up until 1962, the Argentine 9352: 8558: 8408: 8213: 5777: 5652: 2571: 2417: 2224: 2067: 1858: 1529:

As a consequence, investable funds became increasingly concentrated in a single institution, the

1256: 1176: 1065: 848:

colonial period. In the seventeenth century, this included the development of textile workshops (

168: 7457:

Lewis, Daniel. "Internal and External Convergence: The Collapse of Argentine Grain Farming," in

6044: 8433: 8418: 8382: 8272: 8203: 8095: 7897: 7529:

Thomas, Carolyn, and Nicolás Cachanosky. "Argentina's post-2001 economy and the 2014 default."

7462: 7248: 5980: 4421: 3230:

Williams, Judith Blow (February 1935). "The Establishment of British Commerce with Argentina".

2639: 2552: 2317: 2276: 2062:

The next move by the authorities was to launch the Primavera Plan in August 1988, a package of

1755:

with the rail network reaching 120,000 kilometers by 1954. The government also established the

1719:. Under Perón, the number of unionized workers expanded as he helped to establish the powerful 1087: 898: 744: 645: 213: 7149:

Chimneys in the desert: industrialization in Argentina during the export boom years, 1870–1930

5922: 4528: 1854: 1759:

to control the foreign trade in export commodities. Perón erected a system of almost complete

1557:

used as security, and lent them cash at 4.5%, below the rate the BNA offered its customers on

143: 8470: 8372: 8181: 7922: 7803: 7607: 7491:

Chimneys in the Desert: The Industrialization of Argentina in the Export Boom Years,1870–1930

5595: 4647: 4616: 4114: 3653: 3623: 3345: 2781: 2503: 1959: 1712: 1546: 1399: 1050: 856: 594: 4412:

Ades, Alberto F.; Glaeser, Edward L. (1995). "Trade and Circuses: Explaining Urban Giants".

3372: 2401:

package for the holders of over US$ 18 billion in bonds who did not participate in the 2005

2193: 1634: 1349: 541: 8577: 8518: 8490: 8377: 8320: 8303: 8112: 8035: 8030: 7997: 7871: 7834: 7813: 7695: 7211:

Industrial Development in a Frontier Economy: The Industrialization of Argentina, 1890–1930

7051: 5774:"Evolución de la indigencia, la pobreza y la desocupación en el GBA desde 1988 en adelante" 4510: 2390: 2232: 2198: 2126:

second half of 1994, the economy slowed down and unemployment increased from 10% to 12.2%.

1850: 1655: 1602: 1361: 1264: 1208: 1099: 1079: 1030: 971: 960: 956: 545: 295: 290: 218: 173: 163: 156: 32: 7104:

An Interpretation of Argentine Economic and Political History: Dutch Disease on the Pampas

6231: 4692:

Capie, Forrest (1981). "Invisible barriers to trade: Britain and Argentina in the 1920s".

3268:

Republic of capital : Buenos Aires and the legal transformation of the Atlantic world

2353: 2015: 1526:

nor the private domestic banks developed rapidly enough to fully replace British capital.

1140:

Members of the "Sociedad El Camoatí" (1848–1856), the first stock exchange in Buenos Aires

558: 8: 8503: 8080: 7861: 7745: 6172: 2613: 2227:

pursued during the Menem Presidency argued that Argentina's economic woes were caused by

2063: 2059:

program. A new IMF arrangement was reached in July 1987, only to collapse in March 1988.

1650: 1538: 1280: 1107: 1057: 1045:

during the 1815–1820 period) sought to restore the initial protectionist policy, but the

966:

Most poor gauchos joined forces with the most powerful caudillos in the vicinity. As the

860: 698: 622: 355: 7553: 7128: 6831: 6805: 5733: 5418: 4730: 4212: 2410: 1500: 1125:

of the local economy. Rivadavia sought to fix it by establishing the "Discount Bank", a

8593: 8553: 8548: 8538: 8523: 8480: 8413: 8010: 7425: 7227: 4674: 4447: 4439: 3994: 3577: 3247: 2653: 2624:, similar to Australia's, would have increased productivity encouraged by the relative 2621: 2398: 2043: 2032: 1914: 1893:

In May 1969, discontent with Krieger's economic policies led to riots in the cities of

1887: 1800:

In terms of GDP per capita, Argentina remained well above its neighbors as late as 1965

1773: 1426: 1422: 1122: 990: 941: 830: 723: 694: 360: 78: 7623:"The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation" 7465:, ed. Berkeley and Los Angeles: University of California Press 1994, pp. 209–223. 4291:"Britain, the Argentine and Informal Empire: rethinking the role of railway companies" 2293: 2197:

rapidly lost credit in capital markets, as reflected in a sharp and sustained rise in

1409:

Immigrants disembarking to the southern dock, port of Buenos Aires, early 20th century

1283:

in 1856, the base of Argentine agriculture gradually shifted from livestock to crops.

1248: 884: 9287: 8508: 8438: 7324: 7280: 7153: 7061: 7038: 7018: 6995: 6967: 6965: 6963: 6961: 6959: 6957: 6955: 6953: 6639: 6187:"El PBI subió 8,5% en 2010 y asegura pago récord de u$ s 2.200 millones a inversores" 5625:"Thirty Years of Currency Crises in Argentina External Shocks or Domestic Fragility?" 5132: 5032: 4995: 4993: 4991: 4989: 4701: 4643: 4622: 4534: 4451: 4120: 3998: 3986: 3876: 3659: 3629: 3569: 3378: 3351: 3282: 3272: 2982: 2830: 2787: 2649: 2644: 2602: 2051: 2004: 2003:

Growing government spending, large wage raises, and inefficient production created a

1906: 1476: 1430: 1221: 1149: 633: 566: 399: 53: 7258:

Sanchez-Alonso, Blanca. "Making sense of immigration policy: Argentina, 1870–1930."

5565:

The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation

5473:

The Crisis that Was Not Prevented: Lessons for Argentina, the IMF, and Globalisation

4174:"The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935" 4142:"The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935" 4076: 3513:"The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935" 2494:

for workers, saying "During my government workers will not pay tax on profits". The

1780:, was built. The gas distribution reached 15 million m³, reducing costs by a third. 8598: 8513: 8247: 7945: 7580: 7316: 7107: 5128:

El ciclo de la ilusión y el desencanto: un siglo de políticas económicas argentinas

5029:

The politics of national capitalism: Peronism and the Argentine bourgeoisie ..

4666: 4431: 3978: 3561: 3239: 3166: 3133: 3100: 3067: 2820: 2738: 2687: 2673: 2635: 2499: 2444: 2009: 1809: 1744: 1735: 1683: 1622: 1434: 985: 818: 806: 763:. On top of this system of largely technically illegal transatlantic trade was the 614: 478: 7175:

Studies in Comparative International Development (SCID), 2009, Volume 44, Number 3

6950: 6310:"Some like it hot – Which emerging economies are at greatest risk of overheating?" 4986: 2731:"Finance and Development in an Emerging Market: Argentina and the Interwar Period" 2382:

estimates of Argentine inflation have been threatened with fines and prosecution.

1824:

the 1950s progressed became one of the leading causes for Perón's downfall in the

1662:

in Britain actually led to a small decline of Argentine exports to Great Britain.

1367: 1114:

assumed power as governor of Buenos Aires, but was soon executed by the unitarist

944:. Cropping apparently lacked comparative advantage compared to livestock grazing. 8050: 7420: 7274: 7147: 7092: 7055: 7032: 7012: 6989: 6880:"Argentina's newly sworn-in President Milei warns of shock adjustment to economy" 6789: 6675: 6605: 6586: 6561: 6526: 4336: 2594: 2272: 2268: 2138:. The Argentine economy contracted 4% in 1999, and unemployment increased again. 2114: 2110: 2078: 2024: 1831: 1731: 1614: 1465: 1457: 1371: 1318: 1181: 913: 869: 280: 228: 8609: 6932: 4642:

Estrada, Javier (2002). "Repsol-Ypf: Valuation In Emerging Markets". p. 2.

2231:, which had been actively promoted by the U.S. government and the IMF under the 1991: 1167:, without the financial, civil or military costs. Even the lack of an Argentine 872:, they requested the Spanish authorities to open commerce to Britain in return. 751:

to conduct trans-Atlantic trade with Buenos Aires. Even more important than the

9362: 8354: 7887: 7818: 7798: 7563: 7500:

The Prairies and the Pampas: Agrarian Policy in Canada and Argentina, 1880–1930

7008: 5706: 2631: 2586: 2510: 2480: 2440: 2313: 2130: 1985: 1939: 1550: 1325: 1269: 1168: 1111: 1015: 952: 928: 894: 702: 652: 618: 598: 128: 7584: 7358:

The Rise of Capitalism on the Pampas: The Estancias of Buenos Aires, 1785–1870

3982: 3171: 3154: 3138: 3121: 3105: 3088: 3072: 3055: 2825: 2808: 9397: 9372: 8075: 7519:

Taylor, Alan M. "The Argentina Paradox: microexplanations and macropuzzles."

7178: 6655:

Retentions: the fiscal cost of the removal provided by Macri, by Darío Gannio

6068:"Tierra Del Fuego Tech: A New Silicon Valley On South America's Southern Tip" 4705: 3990: 3573: 2986: 2834: 2579: 2339:

In early 2007 the administration began interfering with inflation estimates.

2228: 2146: 2142: 2122: 1981: 1760: 1751:

and the increase of spending to finance populist policies, led to inflation.

1630: 1558: 1518: 1469: 1461: 1019: 1011: 923:

with Buenos Aires as its capital, and increased legal trading allowed by the

793:, as most production of the coastal cities was destined to overseas markets. 656: 329: 5977:"Venezuela está dispuesta a comprar todos los bonos que le ofrezca Kirchner" 3286: 1812:

II named "Clementina" became one of the first computers in use in Argentina.

1708: 1691: 248: 7730: 7645:"The Political Economy of Debt in Argentina, or Why History Repeats Itself" 7640: 6247:"Repsol Makes Argentina's Largest Gas Find in 35 Years in Neuquen Province" 6041:"Otra medición polémica del INDEC: dijo que la inflación de abril fue 0,3%" 2779: 2548: 2452: 2394: 2305: 2260: 2186: 2135: 2095: 2039:

was introduced in 1983, with 10,000 old pesos exchanged for each new peso.

1976: 1777: 1534: 1514: 1484: 1126: 1115: 1042: 1007: 641: 597:

in agriculture because the country is endowed with a vast amount of highly

252: 7735: 7217:

Prados de la Escosura, Leandro; Sanz-Villarroya, Isabel (December 2004),

7088: 6783:

Macri’s election success is no cure-all for Argentina’s structural issues

6390: 6309: 6131: 6105: 4180: 4148: 3519: 3266: 2406: 2301: 2256: 1724: 1379: 1033:

and Manuel García, instead promoted unrestricted trade with Britain. The

370: 65: 7475:

Lloyd, A. L. "Meat from Argentina: The History of a National Industry,"

7438: 6926:"The Rise of Argentina's Economic Prosperity: An Institutional Analysis" 6907:"Poverty in Argentina hits 57%, highest number in 20 years, report says" 6589:

Article on the website of the television channel Crónica (Buenos Aires).

5862: 5791: 4807: 4251:

Argentine international trade under inconvertible paper money, 1880–1900

4015:

Argentine international trade under inconvertible paper money, 1880–1900

3832:

Argentine international trade under inconvertible paper money, 1880–1900

2851: 2490:

One of Macri's promises during the 2015 campaign was the elimination of

2209:

and the government found itself unable to borrow or meet debt payments.

1204:

In 1857, La Porteña became the first locomotive to operate in Argentina.

8448: 7740: 7664: 5669: 5235:"Un cuento para recordar a Clementina, la primer computadora argentina" 4678: 4443: 4327:"This Time Is Different – Eight Centuries of Financial Folly (summary)" 4268: 4063: 3966: 3581: 3549: 3251: 2888: 2491: 2433: 2333: 2206: 1839: 1570: 1314: 1130: 970:, they opposed the policies implemented by Buenos Aires, and waged the 863:. To achieve their economic objectives, Britain initially launched the 834: 802: 790: 715: 685: 515: 300: 7452:

British Railways in Argentina, 1857–1914: A Case of Foreign Investment

7111: 6499: 5380: 5378: 4661:

Jones, E. G. (June 1929). "The Argentine Refrigerated Meat Industry".

4077:

Christopher Blattman; Jason Hwang; Jeffrey G. Williamson (June 2004).

3945:"The Political Economy of Argentina in the Twentieth Century (Review)" 2424:

in 2012. In April 2012, the government announced plans to expropriate

2296:

became president in May 2003. In the mid-2000s, export of unprocessed

1613:

A traffic jam caused by a demonstration, Buenos Aires, 1936. Photo by

879:

Lassoing cattle in the pampas, 1794 lithography by Fernando Brambilla.

840:

This trade was legally limited to Spain: the Spanish Crown enforced a

8065: 7985: 7954: 7725: 6832:"Javier Milei: New president tells Argentina 'shock treatment' looms" 6793: 5513:. Center for Economic and Policy Research. p. 27. Archived from 5409: 4552: 4550: 4507:

Governed by Emergency: Economic Policy-making in Argentina, 1973–1991

2529: 2428:, despite the opposition of some energy experts, claiming that YPF's 2213: 2090:

opened hypermarkets in every major Argentine city in the early 1990s.

2087: 1952: 1935: 1902: 1898: 1870: 1865: 1659: 1582: 1554: 1160: 1006:

in 1810, an era in which commerce was controlled by a small group of

841: 798: 681:. Gauchos helped livestock ranching extend through much of Argentina. 651:

In the early 1990s, the government reined in inflation by making the

590: 324: 7216: 6971: 5845:"Man in the News; Peronist for the Present; Eduardo Alberto Duhalde" 4999: 4670: 4581: 4579: 4577: 4435: 4342: 3854: 3852: 3850: 3848: 3846: 3844: 3842: 3775: 3773: 3771: 3769: 3565: 3446: 3444: 3419: 3417: 3415: 3413: 3411: 3409: 3293: 3243: 1917:, which resulted in an uncontrolled rise in the level of inflation. 1838:

in a landslide. In the same year he announced the beginning of the "

1336: 1321:(2,737,491.8 m) of wheat, enough to sustain 16,000,000 people. 743:— ships with royal permission to sail outside the official fleet or 8060: 7168:"Export-Oriented Populism: Commodities and Coalitions in Argentina" 6636:

Franco, Liliana (2016): Bein estimates for a 2016 inflation of 37.4

6206:"Argentina to repay 2001 debt as Greece struggles to avoid default" 5649:"Serie histórica de la Balanza Comercial Argentina. Años 1910–2010" 5375: 4365: 4363: 2616:

and immigration from different regions were the key factors, while

2297: 1589:

production, but there was lasting damage to the Argentine economy.

1236: 1225: 1061: 241: 7311:] (in Spanish), Argentina: TEA (Tipográfica Editora Argentina) 7276:

Authoritarianism and the Crisis of the Argentine Political Economy

7220:

Institutional Instability And Growth In Argentina: A Long-Run View

5558:"The Puzzle of Argentina's Debt Problem: Virtual Dollar Creation?" 5492:

Keith B. Griffin, Alternative strategies for economic development

5417:. National Bureau Of Economic Research. p. 13. Archived from 4755: 4753: 4751: 4749: 4747: 4745: 4743: 4547: 4458: 4084:. National Bureau Of Economic Research. p. 39. Archived from 3696: 3695:. National Bureau Of Economic Research. p. 17. Archived from 2743: 2730: 2502:

said that the draft amendments to the income tax would be sent to

2098:

was elected president in May 1989. He immediately announced a new

1878:

of 5.2% between 1966 and 1970, compared to 3.2% during the 1950s.

1200: 644:

by the late 1980s which became equivalent to three-fourths of the

6759:"Macri: 'Los trabajadores no van a pagar impuesto a las Ganancias 5630:. National Bureau of Economic Research. p. 6. Archived from 5593: 5159:"La economía argentina en la segunda mitad del siglo XX (Review)" 4574: 3839: 3766: 3441: 3429: 3406: 3374:

The bureaucrats of Buenos Aires, 1769–1810: amor al real servicio

2362: 2252: 2083: 1240: 1103: 822: 626: 7267:

Politics and beef in Argentina. Patterns of conflict and change.

6147:"Analizan cambios profundos en el sistema de jubilación privada" 5919:"Afirman que hay desabastecimiento de los productos con rebajas" 5811:"Report Looks Harshly at I.M.F.'s Role in Argentine Debt Crisis" 5623:

Kaminsky, Graciela; Mati, Amine; Choueiri, Nada (October 2009).

5496:, Development Centre, St. Martin's Press, New York, 1989, p. 59. 4562: 4360: 2946: 2862: 2758: 2756: 2754: 1106:, British exploitation of the national natural resources, and a 7544: 6566: 5026: 4926: 4740: 3271:. Stanford, Calif.: Stanford University Press. pp. 33–36. 2681: 2413:. The unemployment rate in the third quarter of 2011 was 7.3%. 2365:. Firms like Blackberry, HP and Motorola have set up plants in 1395: 1304:

Percy F. Martin, Through Five Republics of South America, 1905.

1164: 855:

The British desire to trade with South America grew during the

706: 677: 602: 7484:

The political economy of Argentina: power and class since 1930

4228: 4226: 4224: 4222: 2242: 1573:. Experiments with oil, discovered in 1907, had poor results. 859:

and the loss of their 13 colonies in North America during the

671: 601:. Between 1860 and 1930, exploitation of the rich land of the 5957:. Universia Knowledge@Wharton. August 6, 2008. Archived from 5826: 5824: 5531:

Reinhart, Carmen M.; Rogoff, Kenneth S. (December 17, 2008).

5508:"A Concise History of Exchange Rate Regimes in Latin America" 4179:. University of Chicago Press. pp. 46–48. Archived from 2975:"Argentina Tries to Escape Default as It Misses Bond Payment" 2751: 2429: 2073: 1804: 1542: 636:

that rose through the 1980s. The measures enacted during the

6608:

Article published on the website Sin Mordaza (Buenos Aires)

6328:"Cristina apela a la sintonía fina para disimular el ajuste" 6014:"Milestones : $ 500 Million Bond Issue Lures Investors" 4865: 4818: 4296:. London School of Economics. pp. 17–18. Archived from 3806:"Fiscal Deficit, Macro-Uncertainty, And Growth In Argentina" 2786:. International Food Policy Research Institute. p. 12. 1699:(1946–1951) promoting the nationalization of public services 1673: 7034:

Argentina, 1516–1987: from Spanish colonization to Alfonsín

4348: 4307: 4219: 4039: 1938:

in 1975, inflation accelerated sharply, leading to several

1756: 1586: 1413:

The scarcity of labor and abundance of land induced a high

710: 6165:"Argentina Seen Reporting Strong But Slower Growth In Oct" 6086: 5899: 5821: 5705:. Independent Evaluation Office. July 2003. Archived from 5410:

Rudiger Dornbusch; Juan Carlos de Pablo (September 1987).

4147:. University of Chicago Press. p. 256. Archived from 3754: 3742: 3730: 3718: 3706: 3480: 1356:. The coalition that supported his candidature became the 7547:"Argentina's Economic Crisis: An 'Absence of Capitalism'" 7189:

Della Paolera, Gerardo; Taylor, Alan M. (November 2002),

6515: 6189:. El Cronista Comercial. January 19, 2011. Archived from 5359:"The Argentine Industry A Thwarted Restructuring Process" 3873:

A History of the Global Economy. From 1500 to the Present

3593: 3591: 3518:. University of Chicago Press. p. 37. Archived from 3322: 3320: 3186: 3184: 3182: 2425: 2056: 1747:. The expansive macroeconomic policy, which aimed at the 1678: 1505: 1090:

from 1826 to 1827, developed an economic plan deemed as "

7564:

Edward L. Glaeser, Rafael Di Tella, Lucas Llach (2018).

7372:

Essays on the economic history of the Argentine Republic

7241:

Making sense of immigration policy: Argentina, 1870–1930

7082:

Essays on the economic history of the Argentine Republic

7057:

The Economic History of Latin America since Independence

5727:"The Argentine Financial Crisis: A Chronology of Events" 4395: 4393: 3965:

Pinilla, Vicente; Rayes, Agustina (September 27, 2018).

2780:

Yair Mundlak; Domingo Cavallo; Roberto Domenech (1989).

2729:

della Paolera, Gerardo; Taylor, Alan M. (October 1997).

2593:(1967), the main difference between Argentina and other 1184:

in exchange for a debt of £1,000,000. In the 1820s, the

1049:

restored free trade once more. Thus, the economy of the

7472:. Chapel Hill: University of North Carolina Press 1990. 7247:, IDEAS: Economics and Finance Research, archived from 7118:

Galiani, Sebastián; Gerchunoff, Pablo (November 2002),

5752:"Experts See Record Default In Argentine Debt Revision" 5304: 5302: 5300: 5287: 5285: 5272: 5270: 5268: 5253: 5241: 4598: 4596: 4594: 4380: 4378: 3201: 3199: 3037: 3035: 3022: 3020: 3018: 3005: 3003: 1398:, for slaughter and processing in the (mainly English) 789:

consider this historical period of the Americas as pre-

778:

and to cross-Atlantic trade through contraband and the

7445:

An Economic History of Twentieth-Century Latin America

7432:

Argentina's parallel currency: The economy of the poor

6245:

Orihuela, Rodrigo; Walsh, Heather (December 7, 2010).

5494:

Organisation for Economic Co-operation and Development

3915: 3913: 3911: 3909: 3785: 3603: 3588: 3529: 3468: 3456: 3317: 3305: 3179: 2263:

generated more than 20% of Argentina's export revenue.

4877: 4390: 4269:"The history of the tango: A sense of where you were" 3396: 3394: 2783:

Agriculture and economic growth in Argentina, 1913–84

6265:"Argentina unemployment falls to 7.2 pct in 3rd qtr" 5622: 5314: 5297: 5282: 5265: 5192: