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The Achievements and Failures of Argentina's Neo-liberal Economic Policies

Author

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  • Werner Baer
  • Pedro Elosegui
  • Andres Gallo

Abstract

The stability of an economic policy regime depends in large measure on either its successful authoritarian imposition or on the general acceptance by society of the distributional status quo of assets and/or income. Although Argentina's Convertibility Plan ("Currency Board" system) brought price stability and growth to the country, the inability or unwillingness of the government to attain a fiscal adjustment threatened its survival. The "fight for shares" in this "conflict society" was inherited from previous regimes. We show that this fight, previously left unresolved through inflationary finance, was subsequently left unresolved through the rapid growth of indebtedness under the Convertibility Plan. From 1999 onwards, the contradictions of the Plan became increasingly obvious and it was clear that the key to future stable economic growth was dependent on finding a way to turn the "conflict society" into a "consensus society". The construction of such a society is still a pending task for Argentina.

Suggested Citation

  • Werner Baer & Pedro Elosegui & Andres Gallo, 2002. "The Achievements and Failures of Argentina's Neo-liberal Economic Policies," Oxford Development Studies, Taylor & Francis Journals, vol. 30(1), pages 63-85.
    • Handle: RePEc:taf:oxdevs:v:30:y:2002:i:1:p:63-85
    DOI: 10.1080/136008101200114903
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    Cited by:

    1. Miguel D. Ramirez, 2020. "Public and Foreign Investment Spending in the Argentine Case. A Cointegration Analysis with Structural Breaks, 1960-2015," Bulletin of Applied Economics, Risk Market Journals, vol. 7(2), pages 49-76.
    2. Beker, Victor A., 2012. "A case study on trade liberalization: Argentina in the 1990s," Economics Discussion Papers 2012-3, Kiel Institute for the World Economy (IfW Kiel).
    3. Ramirez, M.D., 2009. "Public Capital Formation and Labor Productivity Growth in Argentina," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 9(1).
    4. Ziya Önis & Fikret Senses, 2003. "Rethinking the Emerging Post-Washington Consensus: A Critical Appraisal," ERC Working Papers 0309, ERC - Economic Research Center, Middle East Technical University, revised Sep 2003.
    5. Esteban Pérez-Caldentey & Matías Vernengo, 2007. "A Tale of Two Monetary Reforms: Argentinean Convertibility in Historical Perspective," Working Paper Series, Department of Economics, University of Utah 2007_01, University of Utah, Department of Economics.
    6. Andres Gallo & Juan Pablo Stegmann & Jeffrey Steagall, 2006. "The Role of Political Institutions in the Resolution of Economic Crises: The Case of Argentina 2001-05," Oxford Development Studies, Taylor & Francis Journals, vol. 34(2), pages 193-217.
    7. Kurt Schuler, 2005. "Ignorance and Influence: U.S. Economists on Argentina's Depression of 1998–2002," Econ Journal Watch, Econ Journal Watch, vol. 2(2), pages 234-278, August.

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