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

Likewise, the projected growth rate for the economy needed to serve as a means to create a profound transformation of the country’s socioeconomic structure. Reaching equal distribution of the achievements of economic progress was considered essential. The National Commitment Act (acn, Acta de Compromiso Nacional) an the Triennial Planfor National Reconstruction and Liberation sought to guarantee that by 1977 salaried workers would have a participation in income similar to what they had in 1955 (47.7%), which meant an increase of more than 5 percentage points with respect to 1973.

In this way, they sought to foster income redistribution to favor salaried workers by increasing real salaries above the economy’s average productivity3, foreseeing an increase in real salaries on the order of the cumulative rate of 7% annually (Table 2). Likewise, employment growth was foreseen, which would achieve full occupation of the population by 1977, a projection that was closely linked to economic growth and investment goals.

One of the central pieces of Gelbard’s economic policy was an income policy oriented towards unions (cgt), businessmen (cge) and the State. To achieve this goal, one of the main measures put into practice was to increase salaries (a fixed sum of $200) starting on June 1, 1973, which was to be entirely absorbed by the non-salaried sector, in this way respecting the increases from already agreed upon pacts.4 Once the major costs resulting from the rate readjustment were transferred, prices had to be frozen until June 1, 1975. Like prices, salaries were also frozen until the same date, with an adjustment in mid-1974 due to an increase in productivity.

3 For a mathematical demonstration of the fact that the participation of workers in income is a function of the relationship between real salary and working productivity, and that participation increases if the former increases more than the latter, see Basualdo (2008: 312).

4 This increase implied an attempt to ameliorate the salary fragmentation because, by being equal for everyone, it had a greater impact on sectors with lower income (Testa, 1975: 61). Likewise, there was an increase in family assignments (40%) and in retirements (28%), as well as an increase in rates for goods and services provided by the public sector, which would be the differential (aiming for greater impact on those with higher economic capacity).

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PROBLEMAS DEL DESARROLLO. REVISTA LATINOAMERICANA DE ECONOMÍA, Volume 50, Number 196 January-March 2019 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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