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Argentina: Entrenching Income Inequality

In: Finance Capitalism and Income Inequality in the Contemporary Global Economy

Author

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  • Kuat B. Akizhanov

    (Academy of Public Administration under the President of Kazakhstan)

Abstract

This chapter examines the Argentine case, which is an emblematic example of massive redistribution in favour of the capitalist class, who not only applied typical neoliberal reforms but also managed deeply to embed monetarist policies in the Argentine political economy. The ruling class of the country managed to insert themselves into the niche of the global financial order to enjoy the benefits of the constant influx of foreign capital facilitated by the transnational debt architecture of the post-Bretton Woods system at the expense of increased income inequality. Financialisation in Argentina is described as state-led and debt-driven, where a convertibility regime took the central role in sustaining a neoliberalism-inspired strategy to accommodate upward income distribution. The vested interests of the economic conglomerates and financial circles prevented the abandonment of the convertibility regime escalating the amount of the sovereign debt.

Suggested Citation

  • Kuat B. Akizhanov, 2023. "Argentina: Entrenching Income Inequality," Springer Books, in: Finance Capitalism and Income Inequality in the Contemporary Global Economy, chapter 0, pages 125-152, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-21768-5_6
    DOI: 10.1007/978-3-031-21768-5_6
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