Argentina: Economic Disaster and the Rejection of the Political Class

Abstract

The Argentine economic crisis of 1999-2003 caused GDP to drop precipitously and levels of poverty and unemployment to rise greatly. Although more profound, this crisis resembled three others since 1966, and it led Argentines overwhelmingly to reject the members of their political class. In 1999, the confidence of Argentine citizens in politicians and political institutions was already very low, reflecting in part the earlier crises and the fact that income distribution in the country had become far more unequal in the 1990s. Causes for the economic crisis include economic policies, political constraints, and the structure of Argentine society and values. Although some economic growth has returned under the presidency of Nestor Kirchner since 2003, the depth of the rejection of the political class is so great that it may lead to some change in Argentine values.