ABSTRACT
In contrast with what happened during the first wave of globalization, Argentina waited 45 years before it engaged with the second wave of globalization. In addition to the import substitution growth and redistribution strategy, Perón's government significantly increased government expenditures and fiscal deficits. Between 1956 and 1972, various governments tried to engage the global economy, but they failed to reduce inflation and eliminate the anti-export bias introduced after so many years of virtual economic autarchy. During the 15 years that followed the inflationary explosion of 1975 inflation was above 100 per cent per year and there were many attempts to introduce partial economic reforms that failed to reverse the climate of stagnation and high inflation. In addition to the emergence of inflation as a persistent phenomenon for the entire 45-year period, the second most important change in long-term trends was the stagnation of agriculture which had been the main agent of growth since the 1870s.
