Mark Weisbrot: Néstor Kirchner: Argentina's Independence Hero
[Mark Weisbrot is co-director of the Centre for Economic and Policy Research, in Washington, DC. He is also co-writer of Oliver Stone's documentary South of the Border.]
The sudden death of Néstor Kirchner is a great loss, not only to Argentina but to the region and the world. Kirchner took office as president in May 2003, when Argentina was in the initial stages of its recovery from a terrible recession. His role in rescuing Argentina's economy is comparable to that of Franklin D Roosevelt in the Great Depression of the United States. Like Roosevelt, Kirchner had to stand up both to powerful moneyed interests and to most of the economics profession, which was insisting that his policies would lead to disaster. They were proved wrong, and Kirchner right.
Argentina's recession from 1998-2002 was, indeed, comparable to the Depression in terms of unemployment, which peaked at more than 21%, and lost output (about 20% of GDP). The majority of Argentines, who had, until then, enjoyed living standards among the highest in Latin America, were pushed below the poverty line. In December of 2001 and January 2002, the country underwent a massive devaluation, a world-historical record sovereign default on $95bn of debt, and a collapse of the financial system.
Although some of the heterodox policies that ultimately ensured Argentina's rapid recovery were begun in the year before Kirchner took office, he had to follow them through some tough challenges to make Argentina the fastest-growing economy in the region....
Read entire article at Guardian (UK)
The sudden death of Néstor Kirchner is a great loss, not only to Argentina but to the region and the world. Kirchner took office as president in May 2003, when Argentina was in the initial stages of its recovery from a terrible recession. His role in rescuing Argentina's economy is comparable to that of Franklin D Roosevelt in the Great Depression of the United States. Like Roosevelt, Kirchner had to stand up both to powerful moneyed interests and to most of the economics profession, which was insisting that his policies would lead to disaster. They were proved wrong, and Kirchner right.
Argentina's recession from 1998-2002 was, indeed, comparable to the Depression in terms of unemployment, which peaked at more than 21%, and lost output (about 20% of GDP). The majority of Argentines, who had, until then, enjoyed living standards among the highest in Latin America, were pushed below the poverty line. In December of 2001 and January 2002, the country underwent a massive devaluation, a world-historical record sovereign default on $95bn of debt, and a collapse of the financial system.
Although some of the heterodox policies that ultimately ensured Argentina's rapid recovery were begun in the year before Kirchner took office, he had to follow them through some tough challenges to make Argentina the fastest-growing economy in the region....