35 Pages Posted: 8 Mar 2000
Date Written: October 1994
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: Suggested Citation
Taylor, Alan M., Three Phases of Argentine Economic Growth (October 1994). NBER Working Paper No. h0060. Available at SSRN: https://ssrn.com/abstract=190398