| Popis: |
It is hard to believe, but less than a century ago the US and Argentina were rivals, competing to become the economic powerhouse of the new world. In fact, a recent study by the Maddison Project1 indicates that, in the years of 1895 and 1896, Argentina was the country with the highest GDP per capita in the world. The economic fall of Argentina over the last century has been the focus of many studies in different areas of economics in what became known as the ‘Argentine Paradox’: when a developed country experiences a reversal, while the rest of the world is growing. Argentina has faced several crises over the last few decades. Between 1998-2002, Argentina went through the worst recession of its recent history. In December 2001, in a climate of political and social unrest, the country partially defaulted in its international obligations. In the following month, it abandoned the convertibility of the Argentine Peso to the US Dollar; a regime that had been in place since 1991. |
