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

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.

BIBLIOGRAPHY

Arceo, Enrique, El largo camino a la crisis. Centro, periferia y transformaciones en la economía mundial, Cara o Ceca, Buenos Aires, 2011.

Arceo, Nicolás, Mariana González and Nuria Mendizábal, “Concentración, cen-tralización y extranjerización. Continuidades y cambios en la post-convertibilidad”, cifra, Working Document, num. 4, Buenos Aires, 2010.

Azpiazu, Daniel, “Élite empresaria en la Argentina. Terciarización, centralización del capital, privatización y beneficios extraordinarios,” Working Document, num. 2 of project “Privatización y regulación en la economía ar-gentina,” flacso/secyt/conicet, Buenos Aires, 1996.

Azpiazu, Daniel and Pablo Manzanelli, “Reinversión de utilidades y formación de capital en un grupo selecto de grandes firmas (1998-2009)” in Realidad Económica, num. 257, Buenos Aires, 2011.

Azpiazu, Daniel, Pablo Manzanelli and Martín Schorr, Concentración y extranjerización. La Argentina en la posconvertibilidad, Capital Intelectual, Buenos Aires, 2011.

Azpiazu, Daniel and Martín Schorr, “La industria argentina en la posconvertibilidad: reactivación y legados del neoliberalismo,” in Problemas del Desarrollo. Revista Latinoamericana de Economía, num. 161, 2010a.

Azpiazu, Daniel and Martín Schorr, Hecho en Argentina. Economía e industria, 1976-2007, Siglo xxi Editors, Buenos Aires, 2010b.

Azpiazu, Daniel and Martín Schorr, La industria argentina en la posconvertibilidad. ¿Nuevo régimen de acumulación o fase de reactivación? Friederich Ebert Stiftung Foundation/Central de los Trabajadores Argentinos, Buenos Aires, 2008.

Basualdo, Eduardo, Estudios de historia económica argentina. Desde mediados del siglo xx a la actualidad, flacso /Siglo xxi Editors, Argentina, Buenos Aires, 2006.

Bezchinsky, Gabriel et al., “Inversión extranjera directa en la Argentina. Crisis, reestructuración y nuevas tendencias después de la convertibilidad,” cepal/eclac, Office in Buenos Aires, mimeo, 2007.

Burachik, Gustavo, “Extranjerización de grandes empresas en Argentina,” in Problemas del Desarrollo. Revista Latinoamericana de Economía, num. 160, Mexico, 2010.

cenda, La anatomía del nuevo patrón de crecimiento y la encrucijada actual. La economía argentina en el periodo 2002-2010, Cara o Ceca, Buenos Aires, 2010.