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|Other Titles: ||The relation between the model of neoliberal development strategy and the Argentine financial crisis in 2001|
|Authors: ||丁健民;Ding, Jian-min|
|Keywords: ||新自由主義;華盛頓共識;經濟全球化;阿根廷;金融危機;Neoliberalism;Washington Consensus;Economic Globalization;Argentina;Financial Crisis|
|Issue Date: ||2010-01-10 23:47:51 (UTC+8)|
The neoliberal ascendancy in economic theory and policy commenced during the second half of the 1970s.The country''s neoliberal experiment began on March 24,1976 when the most brutal dictatorship in Argentina''s 20th century history came to power through a military coup.The military''s economic policy reversed decades of protectionist development policies aimed at industrialization and developing the internal market.Due to the outbreak of the debt crisis,from late 1982 on,the Argentine economy experienced high instability,huge fiscal deficits,and the general deterioration of government capacities.The May 1989 presidential elections,occurring at the peak of hyperinflation,gave an easy victory to the Peronist candidate Carlos Menem.For the purpose of solving the problem of inflation,in 1991,under the rule of Minister of Economy Domingo Cavallo,the Argentine peso''s monetary value was fixed by law to the value of the United States dollar.Monetary stabilization measures and structural adjustment reforms in Argentina were carried out mainly in Carlos Menem''s first term(1989-1995).They were launched soon after Menem''s accession to the presidency and clearly led by the executive throughout his two terms in office(1989-1999).In other words,according to the economic liberalism and the Washington Consensus,significant reform has indeed occurred in Argentina over the last decade,in particular in the early 1990s.
The concrete view of Neoliberalism is the so-called “Washington Consensus”policy orientation.The Washington Consensus has three main ideological thrusts.First,the opening up of Latin American markets to the world economy through trade liberalization and easier foreign direct investment.Second,the reduction of direct government intervention in the economy through privatization as well as increasing the professional role of economic ministries-through fiscal discipline,balanced budgets and tax reform.Third,increasing the significance of the market in the allocation of resources and making the private sector the main instrument of economic growth through deregulation,secure property rights and financial liberalization.
Because of the recession of the economy,Argentina quickly lost the confidence of investors,and the flight of money away from the country increased.In 2001,people fearing the worst began withdrawing large sums of money from their bank accounts,turning pesos into dollars and sending them abroad,causing a bank run.The crisis in Argentina,began as an economic and financial crisis,and then became a social crisis and exploded as a political one.In fact,the Argentine crisis that broke out at the end of 2001 was caused by the government''s default;therefore,it was a debt crisis in nature.In Argentina,the neoliberal economic model took off in 1990,and from then on,Argentina became one of the most highly liberalized financial systems in the world.Capital could freely flow in and out without even clear registration demands.As a result,Argentina''s national sovereignty –its political autonomy and its economic independence –was subjugated to the global capitalist system.In this way,there is no denying that the Argentine crisis has a great relation with the neoliberal model of development.Furthermore,this is also the main issue of the research.
|Appears in Collections:||[拉丁美洲研究所] 學位論文|
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