Volume 43, Number 171,
October-December 2012
The Third Peronist Government’s Economic Plan.
Gelbard’s Term (1973-1974)
Cecilia Vitto

The initial economic policy implemented by José Ber Gelbard fundamentally sought to restructure Argentinean capitalism by fostering the so-called “national bourgeoisie,” to the detriment of other sectors that ended up as economically predominant, foreign capital and the “diversified oligarchy.”

In the beginning, greater state control over the economic process — for example, managing credit and the interest rate — ameliorated the impact of salary increases on the profit rate, paving the way for the Social Pact. Even so, this situation was reset when the terms of trade changed in 1974, making clear the structural deficiencies in the Argentinean economy and its difficulties in facing the consequences of the changes to the international context. Other contributing factors included the death of Perón, no small detail, as well as the consequent political weakness of the government and internal disputes within Peronism.

The revisions made to the economic policy make clear the weakness of the capital sector that they sought to benefit, and the structural “strength” of those they tried to control. In this way, it can be said that part of this policy’s weakness was linked to the structural situation of the Argentinean economy, and specifically, to the characteristics and limitations of the national bourgeoisie in this time period. However, this diagnostic does not propose that the abrupt change in Argentinean economic policy approved in mid-1975 — the so-called “Rodrigazo” — was due to exhausting the previously implemented policy, but rather in a situation of weakness (in terms of the State’s ability to intervene and the capital fractions on which the State supported itself), a project with opposing interests and objectives was set forth.


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PROBLEMAS DEL DESARROLLO. REVISTA LATINOAMERICANA DE ECONOMÍA, Volume 49, Number 194 July-September 2018 is a quarterly publication by the Universidad Nacional Autónoma de México, Ciudad Universitaria, Coyoacán, CP 04510, México, D.F. by Instituto de Investigaciones Económicas, Circuito Mario de la Cueva, Ciudad Universitaria, Coyoacán,
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