Economic Crisis in Argentina Essay Example | Topics and Well Written Essays - 1500 words

Economic Crisis in Argentina - Essay ExampleThe political sciences policies by and large focused on addressing the human rights issues and ensuring independence of administration thereby strengthening the egalitarian process. These policies were very effective in increasing Alfonsins popularity. However, when the independent judiciary started to hinder the new governments objectives, government aband unitaryd the policy of judicial independence by promulgating laws such as Full Stop fairness and Due Obedience Law (Tedesco, 2002, p. 472). These policies greatly decreased the popularity of government and provoked military rebellion, guerilla attacks and labour conflicts thereby weakening the government (Tedesco, 2002, p. 473). Hence, the increased foe between the labour class and government resulted in a failure of economic policy. Carlos Menem succeeded Alfonsin as president of the Latin American Republic. Menem tried to bring slightly a consensus between the labour class and the ruling elite and was somewhat successful. However, he used the power earned from the political consensus to establish a hegemonic incur over the country. He restructured the supreme court of justice and inducted his supporters and close aides as judges at the highest level. Similarly, the accountability courts or the Tribunal de Cuentas was reformed with government friendly judges. These policies encouraged large-scale corruption by government officials. This resulted in a large scale economic unrest (Tedesco, 2002, p. 476). several(predicate) economic factors paved way to the grave economic crisis of Argentina. Alfonsin inherited a country with severe economic issues to be resolved. The government introduced a series of economic reforms including...This essay is one of the best examples of thorough retrospective analysis of the origin, transmission and cessation of the economic crisis in Argentina, with focus on the economic policies, that led to the overcoming of the crisis.Th e shift from dictatorship to existent democracy did not yield the anticipated results. Carlos Menen, the Argentinean President from 1989 to 1999, introduced reforms that proved catastrophic for the economy. His policy of privatizing the government owned corporations and encouraging foreign investment in banking and another(prenominal) sectors back-fired. Huge amount of funds were transferred overnight out of the country decreasing substantially the countrys foreign reserves. The government froze all the foreign up-to-dateness accounts. But this trip angered the countrys wealthy middle class. They deemed it as a violation of basic human rights and a pro-elitist policyDifferent economic factors paved way to the economic crisis of Argentina. The government introduced a series of economic reforms including introducing a new currency. The government has to take huge loans to support this move but could not pay the interest. This decreased the confidence in new currency. The economic bail-out packages offered by international monetary organizations contributed a little towards containing the situation. It was the peoples spirit and its recognition on the part of government that finally led Argentina out of the crisis. The country needs a political culture which strengthens democratic institutions.