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Reshaping the Economic Structure in Argentina: The Role of External Debt during the Macri Administration (2015–2019)

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  • Juan E. Santarcángelo
  • Juan Manuel Padín

Abstract

Argentina’s right-wing shift in the 2015 presidential election concluded twelve years of center-left rule. The elected president, Mauricio Macri, claimed that the economy would experience normalization of existing imbalances and recover its strength in a “new political era.†However, the new administration quickly restored the dominance of neoliberal economic policies through a comprehensive set of initiatives, which centrally included the return to international financial debt and equity markets and submission to the International Monetary Fund’s (IMF) rules. This article analyzes Argentina’s external-debt-growth process and discusses its objectives and long-term effects. This paper posits that the indebtedness process carried out by the Macri administration—and its modality—not only increased the relevance of financial capital in the Argentine economy but also structurally conditioned any future nonorthodox alternative path of development. This outcome cannot be understood without taking into account the deliberate role of the United States, the IMF, and the top companies that operate in Argentina, as well as the complicity of many political sectors. JEL Classification: H63, F34, F63

Suggested Citation

  • Juan E. Santarcángelo & Juan Manuel Padín, 2021. "Reshaping the Economic Structure in Argentina: The Role of External Debt during the Macri Administration (2015–2019)," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 237-249, June.
  • Handle: RePEc:sae:reorpe:v:53:y:2021:i:2:p:237-249
    DOI: 10.1177/0486613420976429
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    References listed on IDEAS

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    1. Juan Eduardo Santarcángelo (ed.), 2019. "The Manufacturing Sector in Argentina, Brazil, and Mexico," Palgrave Studies in Latin American Heterodox Economics, Palgrave Macmillan, number 978-3-030-04705-4, February.
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    More about this item

    Keywords

    external debt; Argentina; neoliberalism; IMF;
    All these keywords.

    JEL classification:

    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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