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Industrial Policy and DevelopmentThe Political Economy of Capabilities Accumulation$
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Mario Cimoli, Giovanni Dosi, and Joseph E. Stiglitz

Print publication date: 2009

Print ISBN-13: 9780199235261

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199235261.001.0001

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Microeconomic Evolution in High Uncertainty Contexts: The Manufacturing Sector in Argentina

Microeconomic Evolution in High Uncertainty Contexts: The Manufacturing Sector in Argentina

Chapter:
(p.239) 9 Microeconomic Evolution in High Uncertainty Contexts: The Manufacturing Sector in Argentina
Source:
Industrial Policy and Development
Author(s):

Bernardo Kosacoff

Adrián H. Ramos

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199235261.003.0009

In the last three decades, Argentina's real output underwent several violent fluctuations. This chapter aims to identify some of the effects of such volatility on the structure of the industrial sector and on the evolution of the micro behaviors and strategies of industrial companies. After a brief review of the history of industrialization in Argentina since the end of the 19th century, the chapter proceeds to the exploration of industrial dynamics since the 1970s, and in particular of the coupled dynamics between macroeconomic conditions and micro decision-making processes. It shows that macroeconomic instability and policy shocks entail an implicit “industrial policy” albeit of a perverse kind.

Keywords:   macroeconomic instability, policy shocks, uncertainty, micro strategies, volatile environments

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