The collapse of the Argentine economy in 2001, involving the
extraordinary default on $150 billion in debt, has been blamed
variously on the failure of neoliberal policies or on the failure
of the Argentine government to pursue those policies vigorously
enough during the 1990s. But this is too myopic a view, Klaus
Veigel contends, to provide a fully satisfactory explanation of how
a country enjoying one of the highest standards of living at the
end of the nineteenth century became a virtual economic basket case
by the end of the twentieth. Veigel asks us to take the long view
of Argentina's efforts to re-create the conditions for stability
and consensus that had brought such great success during the
country's first experience with globalization a century ago.
The experience of war and depression in the late 1930s and early
1940s had discredited the earlier reliance on economic liberalism.
In its place came a turn toward a corporatist system of interest
representation and state-led, inward-oriented economic policies.
But as major changes in the world economy heralded a new era of
globalization in the late 1960s and early 1970s, the corporatist
system broke down, and no social class or economic interest group
was strong enough to create a new social consensus with respect to
Argentina's economic order and role in the world economy. The
result was political paralysis leading to economic stagnation as
both civilian and military governments oscillated between
protectionism and liberalization in their economic policies, which
finally brought the country to its nadir in 2001.
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