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Three Phases of Argentine Economic Growth

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  • Alan M. Taylor

Abstract

Much of Argentina's decline in relative economic performance can be attributed to deleterious conditions for capital accumulation after 1913. In the first phase (pre-1913), the success of the Belle ?poque was due to spectacular rates of accumulation. In the second phase (1913-1930s), low domestic savings rates constrained the rate of capital accumulation. In the third phase (1930s-1950s), import- substitution policies were implemented and the relative price of key imported capital goods rose sharply. Retardation ensued: at first because of insufficient saving; later because price disincentives channeled funds away from investment activities which are the precursor of growth.

Suggested Citation

  • Alan M. Taylor, 1994. "Three Phases of Argentine Economic Growth," NBER Historical Working Papers 0060, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberhi:0060
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    References listed on IDEAS

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    1. Cavallo, Domingo & Mundlak, Yair, 1982. "Agriculture and economic growth in an open economy: the case of Argentina," Research reports 36, International Food Policy Research Institute (IFPRI).
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    Citations

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    Cited by:

    1. Alan M. Taylor, 1996. "On the Costs of Inward-Looking Development: Historical Perspectives on Price Distortions, Growth, and Divergence in Latin American from 1930s - 1980s," NBER Working Papers 5432, National Bureau of Economic Research, Inc.
    2. Osvaldo Meloni & Ana María Cerro, 2005. "Crises & Crashes: Argentina 1885 – 2003," Economic History 0505001, EconWPA.
    3. Been-Lon Chen & Mei Hsu & Chia-Hui Lu, 2007. "Status and Multiple Growth Regimes," IEAS Working Paper : academic research 07-A010, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    4. Taylor, Alan M., 1995. "Debt, dependence and the demographic Transition: Latin America in to the next century," World Development, Elsevier, vol. 23(5), pages 869-879, May.
    5. Ngai, L. Rachel, 2004. "Barriers and the transition to modern growth," Journal of Monetary Economics, Elsevier, vol. 51(7), pages 1353-1383, October.
    6. O'Connor, Peter & Stephenson, John & Yeabsley, John, 2012. "Grow for it - How population policies can can promote economic growth," NZIER Working Paper 2012/1, New Zealand Institute of Economic Research.
    7. Solimano, Andrés, 2003. "Globalization and international migration: the Latin American experience," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    8. Emilio Ocampo, 2015. "Commodity Price Booms and Populist Cycles. An Explanation of Argentina’s Decline in the 20th Century," CEMA Working Papers: Serie Documentos de Trabajo. 562, Universidad del CEMA.
    9. Alan M. Taylor, 1999. "Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change," NBER Working Papers 7394, National Bureau of Economic Research, Inc.
    10. González, Germán & Viego, Valentina, 2009. "Argentina-Canada from 1870: Explaining the dynamics of divergence," MPRA Paper 18394, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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