Three Phases of Argentine Economic Growth

Alan M. Taylor

NBER Historical Working Paper No. 60
Issued in October 1994
NBER Program(s):   EFG   ITI   DAE

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.

(1237 K)

Published: Revista de Historia Economics, Volume 12, no. 3 (Autumn 1994).

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