This chapter discusses the actions of President Carlos Menem, the winner of the May 1989 Argentinean polls, in turning around the economy of Argentina through the establishment of a free market and privatization. With the aid of Foreign Minister Domingo Cavallo, the Convertibility Law was established, which helped overhaul the nation's economic sector. The resulting fiscal discipline provided the base for a stable currency. The speed with which Menem implemented his reforms, together with his powerful pro-privatization coalition, decisively defeated the political opposition. The chapter also examines the impact of the radical privatization efforts of the Peronist administration, which implemented economic deregulation, ended discrimination against foreign investors, lifted import restrictions, simplified tax collection, and reformed the Buenos Aires stock exchange.
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