By Klaus Friedrich Veigel
The cave in of the Argentine financial system in 2001, concerning the intense default on $150 billion in debt, has been blamed variously at the failure of neoliberal rules or at the failure of the Argentine executive to pursue these rules vigorously adequate in the course of the Nineteen Nineties. yet this is often too myopic a view, Klaus Veigel contends, to supply an absolutely passable rationalization of the way a rustic having fun with one of many maximum criteria of dwelling on the finish of the 19th century grew to become a digital monetary basket case via the tip of the 20th. Veigel asks us to take the lengthy view of Argentina’s efforts to re-create the stipulations for balance and consensus that had introduced such nice good fortune throughout the country’s first event with globalization a century ago.
The adventure of conflict and melancholy within the past due Thirties and early Nineteen Forties had discredited the sooner reliance on fiscal liberalism. instead got here a flip towards a corporatist method of curiosity illustration and state-led, inward-oriented financial regulations. yet as significant alterations on the planet financial system heralded a brand new period of globalization within the past due Nineteen Sixties and early Seventies, the corporatist method broke down, and no social classification or fiscal curiosity staff was once powerful sufficient to create a brand new social consensus with recognize to Argentina’s financial order and function on the planet financial system. the outcome was once political paralysis resulting in monetary stagnation as either civilian and army governments oscillated among protectionism and liberalization of their monetary regulations, which eventually introduced the rustic to its nadir in 2001.
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Additional info for Dictatorship, Democracy, and Globalization: Argentina and the Cost of Paralysis, 1973-2001
Corporatism acknowledged political mass participation while trying to control it by channeling political activities into a limited number of recognized functional 1. Winch, “Keynes, Keynesianism, and State Intervention,” 107. 2. Shonﬁeld, Modern Capitalism, 64. 3. Malloy, “Authoritarianism and Corporatism in Latin America,” 11. 15 16 dictatorship, democracy, and globalization interest groups, which could negotiate with each other and the government. The state—under both civilian and military governments—appropriated the role as a mediator between diﬀerent interest groups and at the same time assumed responsibility for economic growth and prosperity.
Crozier, Huntington, and Watanuki, Crisis of Democracy. 14. Subsistema Relaciones Internacionales, “Análisis de la situación estratégica regional y mundial,” Marzo 1975, 4, legajo: Carpetas Especiales 1975, Organismos Internacionales, caja: América Central (política), Archivos del Ministerio de Relaciones Exteriores y Culto de la República Argentina. 15. 28 F-1464–1484, Ministerio de Fazenda, Arquivo Ernesto Geisel. 16. 07, Dossiê Integração Econômica, Subserie Assuntos Interamericanos, Arquivo Azeredo da Silveira; Telegrama, brasemb Panamá, “Comemoração do Sesquicentenario do Congresso Anﬁctionico.
Simon, “Reporting on International Developments,” June 20, 1973, drawer 16: Oil Policy Committee—Philanthropy and Tax Policy, Series III A: Subject Files (Deputy Secretary), William Simon Papers. 19 20 dictatorship, democracy, and globalization economic growth was decelerating, and a massive disequilibrium emerged in international payments. ”22 Real gross national product in industrial countries as a group, which had risen steadily by at least 6 percent per year in 1972–73, fell by an average annual rate of 4 percent in the second half of 1974 and the ﬁrst half of 1975.