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miércoles, 12 de marzo de 2008

Argentina.Cristina-First 100 days


Cristina Fernandez took government in Argentina going deep in the production base model established in January 2002 (Economic Growth Model). The idea is to keep continue growing many years with the highest GDP rates possible with a purpose of improving the income distribution; the health of the overall economy, and bringing equal opportunity to the people. This new model delivers a cultural and economic paradigm that is absolutely opposed to the one that ended in year 2001.
Among the positive aspects of this government that I can mention is the fact that in this first 100 days the rate of growth of the added demand is bigger, funneled by internal production. Moreover the country surplus budget government is increasing as the same path as the international rate of use. Foreign trade and Federal Reserves Bank are following the same pattern as well bringing ratification to the policies establishes by the ex-president Kirchner.
Pending subjects that are needed to be addressed are the low pro-activity to attract foreign investments, and to promote the exports of food commodities with added value, instead of commodities. This is a must right now, when Argentina is becoming one of the most tempting countries and with a great potential in the world, due its internal geopolitical and economic context.
How to fight the inflation and take care of the demands of industrial capitalists and union workers have always been a challenge for every Peronist Government. Battle the inflation with unorthodox measures, is too much difficult that to repeat the standard prescription of monetary and fiscal adjustment which is to increase the interest rate, and lowering the public expense without consider any social cost.
In the Capitalism System there are two ways to consider the economy. One of them is, to make emphasis in the political and social aspects; the other is to point in mathematical abstractions. When the approach is the last one the treasurer, or the president of the Federal Reserve Bank exerts more power than the President, and the argentine republican and representative system is weakened. People always vote to choose a President of the Nation, but not a Treasurer (responsible for managing the government’s finances) or Federal Reserve Bank’s president. In Argentina it will be very difficult to return to the format of conceding the decisions of the economy to a technocrat (i.e. economist).
Without a doubt, the performance on this economic policy is consistent and compatible with the ideas expressed by the ex- president Nestor Kirchner, and clearly followed by Cristina Fernandez, who has also advises at the caliber of Economy Nobel Prize Joseph Stieglitz, just to mention one of their advisors.

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