[DOWNLOAD] "Historical Reflections on the Splendor and Decline of Argentina." by The Cato Journal * Book PDF Kindle ePub Free
eBook details
- Title: Historical Reflections on the Splendor and Decline of Argentina.
- Author : The Cato Journal
- Release Date : January 22, 2005
- Genre: Politics & Current Events,Books,
- Pages : * pages
- Size : 269 KB
Description
The Argentine crisis has its origins neither in the economic reforms undertaken by President Carlos Menem in 1989 nor in the globalization process of the previous decades. Rather, Argentina's decline has been a slow process that began in the early 20th century. President Menem, in fact, based his economic reforms on sound economic logic: the privatization of state-owned enterprises, a monetary conversion ratio of one peso to the U.S. dollar, and a commercial opening to the world. In 1991, inflation--which had reached hair-raising figures--was curbed, and substantial GDP per capita growth was achieved in the following years. Despite these short-lived achievements, the economic situation deteriorated, and in November 2001 the government presided over by Fernando de la Rua decreed the partial freezing of bank deposits both in Argentine pesos and U.S. dollars. On December 19, supermarkets were plundered throughout the country, and the following day President de la Rua signed his resignation. Thereafter, the country had a succession of five presidents and declared the default of its foreign debt in an atmosphere of extreme economic, social, and political unrest. Representatives of all political parties in Congress--in both the House of Representatives and the Senate--daily articles in newspapers, and the hoards of demonstrators who take to the streets of Buenos Aires, all attribute the present crisis to the liberal economic reforms carried out by President Menem, as well as globalization and the IMF intervention. In February 2002, in the streets of Dublin we saw posters displaying the map of Argentina with the following caption: "See what savage capitalista together with the IMF can do to a nation."
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