Crisis and change of structure in a dependent and internationalized economy

Abstract

Since 2012, Argentina has been going through a stage of stagnation and tendency to crisis. If the recurrent external imbalance of local accumulation allows us to understand the general form of the passage from expansion to crisis, its specific characteristics and its prolongation in time question us about its historical singularity. Successive rounds of devaluation and fiscal adjustment have been ineffective as a way out of crises, unlike the rapid take-off after the one that occurred after convertibility. How can this difference be explained? This article addresses the role played in this explanation by global pressures for the restructuring of production after the 2008 crisis and the depletion of the local productive base of the post-convertibility expansionary phase. We focus on the industry, because it is the center of the restructuring processes at a global level and due to its characteristics and its determining role in the external balance and
the domestic market in Argentina.