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1998–2002 Argentine Great Depression
The Argentine Great Depression was an economic depression in Argentina, which began in the third quarter of 1998 and lasted until the second quarter of 2002. It followed the fifteen years stagnation and a brief period of free-market reforms. The depression, which began after the Russian and Brazilian financial crises, caused widespread unemployment, riots, the fall of the government, a default on the country's foreign debt, the rise of alternative currencies and the end of the peso's fixed exchange rate to the US dollar. The economy shrank by 28 percent from 1998 to 2002. In terms of income, over 50 percent of Argentines lived below the official poverty line and 25 percent were indigent (their basic needs were unmet); seven out of ten Argentine children were poor at the depth of the crisis in 2002. By the first half of 2003, however, GDP growth had returned, surprising economists and the business media, and the economy grew by an average of 9% for five years. Argentina's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulture Fund
A vulture fund is a hedge fund, private-equity fund or distressed debt fund, that invests in debt considered to be very weak or in default, known as distressed securities. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to subsequently sell the debt for a larger amount than the purchasing price. Debtors include companies, countries, and individuals. Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In one instance involving Peru, such a seizure threatened payments to other creditors of the sovereign obliger. History Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. This ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Raúl Alfonsín
Raúl Ricardo Alfonsín (12 March 1927 – 31 March 2009) was an Argentine lawyer and statesman who served as President of Argentina from 10 December 1983 to 8 July 1989. He was the first democratically elected president after more than seven years of military dictatorship, and is considered the "father of modern democracy in Argentina". Ideologically, he identified as a Radical and a social democrat, serving as the leader of the Radical Civic Union from 1983 to 1991, 1993 to 1995, 1999 to 2001, with his political approach being known as "Alfonsinism". Born in Chascomús, Buenos Aires Province, Alfonsín began his studies of law at the National University of La Plata and was a graduate of the University of Buenos Aires. He was affiliated with the Radical Civic Union (UCR), joining the faction of Ricardo Balbín after the party split. He was elected a deputy in the legislature of the Buenos Aires province in 1958, during the presidency of Arturo Frondizi, and a national ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Debt
A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents. The debtors can be governments, corporations or citizens. External debt may be denominated in domestic or foreign currency. It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank. External debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems. Another useful indicator is the ''net'' external debt position, which equals gross external debt less external assets in the form of debt instruments. A related concept is the net international investment position (net IIP). Provided that debt securities are measured at market value, the net external debt position equals the net IIP excluding equity and investment fund shares, financial derivatives, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Falklands War
The Falklands War ( es, link=no, Guerra de las Malvinas) was a ten-week undeclared war between Argentina and the United Kingdom in 1982 over two British dependent territories in the South Atlantic: the Falkland Islands and its territorial dependency, South Georgia and the South Sandwich Islands. The conflict began on 2 April, when Argentina invaded and occupied the Falkland Islands, followed by the invasion of South Georgia the next day. On 5 April, the British government dispatched a naval task force to engage the Argentine Navy and Air Force before making an amphibious assault on the islands. The conflict lasted 74 days and ended with an Argentine surrender on 14 June, returning the islands to British control. In total, 649 Argentine military personnel, 255 British military personnel, and three Falkland Islanders were killed during the hostilities. The conflict was a major episode in the protracted dispute over the territories' sovere ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Bang (financial Markets)
The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange and change from open outcry to screen-based electronic trading, effected by UK Prime Minister Margaret Thatcher in 1986. History Big Bang was the result of an agreement in 1983 by the Thatcher government and the London Stock Exchange to settle a wide-ranging antitrust case that had been initiated during the previous government by the Office of Fair Trading against the London Stock Exchange under the Restrictive Trade Practices Act 1956. These restrictive practices included the London Stock Exchange's rules establishing fixed minimum commissions, the "single capacity" rule (which enforced a separation between brokers acting as agents for their clients on commission and jobbers who made the markets and theoretically pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarist
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy. Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to reject Keynesian economics and criticise Keynes's theory of fighting economic downturns using fiscal policy ( government spending). Fried ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opposition To Trade Unions
A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and benefits (such as holiday, health care, and retirement), improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting the integrity of their trade through the increased bargaining power wielded by solidarity among workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The delegate staff of the trade union representation in the workforce are usually made up of workplace volunteers who are often appointed by members in democratic elections. The trade union, through an elected leadership and bargaining committee, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoliberalism
Neoliberalism (also neo-liberalism) is a term used to signify the late 20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent factor in the rise of conservative and libertarian organizations, political parties, and think tanks, and predominantly advocated by them, it is generally associated with policies of economic liberalization, including privatization, deregulation, globalization, free trade, monetarism, austerity, and reductions in government spending in order to increase the role of the private sector in the economy and society. The defining features of neoliberalism in both thought and practice have been the subject of substantial scholarly debate. As an economic philosophy, neoliberalism emerged among European liberal scholars in the 1930s as they attempted to revive and renew central ideas from classical liberalism as they saw these ideas di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José Alfredo Martínez De Hoz
José Alfredo Martínez de Hoz (13 August 1925 – 16 March 2013) was an Argentine lawyer, businessman and economist. He was Minister of Economy under Jorge Rafael Videla's administration between 1976 and 1981, and shaped economic policy at the National Reorganization Process. Martínez de Hoz was an orthodox of businessman origin who imposed a plan of liberal reforms in the 70s that aroused very strong controversies. From 1976 until today, globalization began to appear and some attempts of insertion in the world began. The spirit of all the reforms implemented during his administration was the liberalization of the economy. Precisely, economic freedom, a principle that is occasionally criticized in Argentina depending on the time. Biography Martínez de Hoz, scion of one Argentina's oldest cattle ranching families, was born in Buenos Aires, Argentina. Pursuing higher studies at the University of Cambridge, he returned and in 1955, following the coup against President Jua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Reorganization Process
The National Reorganization Process (Spanish: ''Proceso de Reorganización Nacional'', often simply ''el Proceso'', "the Process") was the military dictatorship that ruled Argentina from 1976 to 1983, in which it was supported by the United States until 1982. In Argentina it is often known simply as última junta militar ("last military junta"), última dictadura militar ("last military dictatorship") or última dictadura cívico-militar ("last civil–military dictatorship"), because there have been several in the country's history and no others since it ended. The Argentine Armed Forces seized political power during the March 1976 coup against the presidency of neutralist (non-Communist or non-Democratic) Isabel Perón, the successor and widow of former President Juan Perón, at a time of growing economic and political instability. Congress and democracy were suspended, political parties were banned, civil rights were limited, and free market and deregulation policies were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
