By Roberto Cortés Conde
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Additional info for The Political Economy of Argentina in the Twentieth Century
Sample text
Appreciation benefited wage earners but had negative effects on profits. The repercussions for producers of local goods prompted them to demand increased tariffs for protection. These inconsistencies were bound to last, although if the increase in the value of the peso benefited wage earners and increased disposable income, and therefore consumption, it decreased profits for entrepreneurs, especially those involved in labor-intensive activities. If both objectives were to be achieved – that is, to benefit workers as well as entrepreneurs – it was necessary to control the exchange rate, as was done later, in order to prevent the increase in income from turning into an increase in imports.
17 Furthermore, despite the fact that the country had to resort to financing by successive currency issues (with metallic notes issued from the Bank of the Province of Buenos Aires), the war did not cause a spike in inflation. The adoption of the gold standard, which gave the exchange rate some stability, was another factor that affected capital returns on foreign investment in Argentina. A depreciated local currency allows the purchase of assets at a lower price, but when profits must be sent abroad, back to the 16 “In 1865 the Executive requested Congress’ authorization to negotiate a foreign loan in the amount of 12 million pesos fuertes.
This created a considerable conflict (war of attrition in France1 and Germany2 ). In some countries these conflicts led to Fascism and Nazism. The war inspired the conviction that political power could allow government intervention in markets, affecting prices. This happened indirectly, although not explicitly, when a government issued debt, causing an increase in the interest rate. It also happened when it monetized the deficit and caused inflation and a drop in real wages. But there was also direct intervention through the regulation of prices or through policies regulating tariffs and trade.