Foreignization and Industrial Economic Power in Argentina
Pablo Manzanelli and Martín Schorr

In the post-convertibility era, the process of foreignization of the inner circle of industrial economic power was consolidated, as seen in the 1990s. This was accompanied by an intense centralization of capital with almost no effect on redefining the industrial profile, on country participation in the global market and on relevant increases in capital stock and local productive capacity. Additionally, this process reveals certain biases that must be mentioned in, among other areas, labor dynamics, distribution and the external sector.

As a peripheral capitalist economy, Argentina is undoubtedly in an even more complex situation, largely due to the growing presence of foreign capital among leading companies and the process of economic concentration in the manufacturing sector. This is complemented at the same time by increased influence from these leading companies on macro-economic dynamics, based on their main role in various areas (inflation, exchange rates, investment, labor market, income distribution and external and tax accounts). All of this has deep repercussions in political terms: a higher capacity for cooperation among these large economic agents and the de-nationalization of decision-making with the consequent erosion of state maneuvering.

From another perspective, the foreignization process of recent years provides some important evidence to confirm Fajnzylber’s contributions (1983)

The clearest expression of the precariousness of the set of national industrial companies and other social forces that have contributed to the definition of industrial policies for Latin American countries is the indiscriminate presence of foreign firms that exercise leadership in a wide variety of sectors and, particularly in those that define the profile of industrial growth.


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