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1 results

  • Globalisation, the Terms of Trade, and Argentina's Expansion in the Long Nineteenth Century

  • JOSEPH A. FRANCIS
  • Journal:
    Journal of Latin American Studies / Volume 49 / Issue 4 / November 2017
    Published online by Cambridge University Press:
    01 March 2017, pp. 709-738
    Print publication:
    November 2017

  • Following Tulio Halperín Donghi's pioneering work, historians have tried to explain why Argentina experienced a dramatic export-led expansion in the first half of the nineteenth century despite a lack of price incentives. This paradox is resolved by a new estimate of Argentina's terms of trade. It suggests that they probably improved by at least 2,000 per cent from the 1780s to the first decade of the twentieth century, so there were considerable price incentives for export-led growth. Labour and capital moved into the export sector, bringing into production the country's Pampean land – a previously under-utilised resource. This suggests that Argentina's expansion in the long nineteenth century was less a result of internal factors than a response to globalisation.