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“Oil nationalism” as a deterrent to structural change? The case of oil contracts in Argentina (1958-1962)

Author

Listed:
  • Manuel Màximo Cruz
  • Santiago José Gahn

Abstract

Due to growing oil imports, political leaders had been forced to let private companies produce the much-needed oil without which modern life is impossible. The most strident political clashes with what is known as ‘oil nationalism’, both ending in a coup d’´etat, happened in the period 1954/55 and 1958/63. The former had President Per´on’s dealings with the California Argentina de Petr´oleos S.A., a subsidiary of the Standard Oil, at the center of a heated debate and, the latter, had President Frondizi’s oil contracts with foreign oil companies. The historical, political and diplomatic background is developed so as to understand the complexities that led to the annulment of this unprecedented and effective policy with impressive effects on oil production and investment. For the first time, we show empirical evidence on the effectiveness of these contracts on domestic oil production.

Suggested Citation

  • Manuel Màximo Cruz & Santiago José Gahn, 2021. "“Oil nationalism” as a deterrent to structural change? The case of oil contracts in Argentina (1958-1962)," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale crn2103, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
    • Handle: RePEc:crn:wpaper:crn2103
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    File URL: https://centridiricerca.unicatt.it/cranec-03-2021%20WP%20CRANEC%20Gahn-Cruz%20(Definitivo).pdf
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    Cited by:

    1. Cruz, Manuel Máximo & Gahn, Santiago José & Morlin, Guilherme Spinato, 2022. "State-owned and multinational enterprises partnership as an import substitution strategy: A narrative ARDL approach to the case of oil contracts in Argentina (1958–1962)," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 213-223.

    More about this item

    Keywords

    Argentina; economic development; Foreign Direct Investment; import substitution policies; industrial policy; petroleum sector; structural change;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • N46 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Latin America; Caribbean
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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