Conflicto distributivo y crecimiento en Argentina[Distributive Conflict and economic growth in Argentina]

This paper argues that Argentina's low and volatile growth since the post-World War II period is due to a distributive conflict that has hindered sustained growth. The economy has followed an interrupted growth trajectory, caused by imbalances in the current account of the balance of payments and an increasing demand for foreign assets by domestic agents. Following the hypothesis of Gerchunoff and Rapetti (2016), it is argued that behind Argentina's economic volatility lies a structural conflict between social demands and productive capacity. This conflict is reflected in a discrepancy between the real exchange rate that ensures full employment and the balance of payments sustainability and the one that satisfies workers' material aspirations. Finally, it is concluded that a diversified expansion of tradable production is key to sustained growth.