The Argentine Recovery: some features and challenges
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Argentina experienced moderate growth rates during the import substitution industrialization strategy, an “inward looking” development strategy roughly lasting from the 1930s to the 1980s and characterized by the promotion of local industries oriented toward the domestic market. However, that growth came along with increasing volatility in GDP growth and growing and increasingly volatile levels of inflation. The source of this volatility has been attributed either to exogenous shocks or to endogenous causes, particularly to macroeconomic mismanagement (see Mercado 2001).