NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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.

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Document Object Identifier (DOI): 10.3386/h0060

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

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