Argentine Republic

Argentine Republic República Argentina
Flag Coat of Arms
Argentine territory in dark green; claimed but uncontrolled territory in light green.
Capital and largest city	Buenos Aires
Official languages	Spanish
Demonym(s)	Argentine Argentinian
Dominant mode of production	Neocolonial capitalism
Government	Federal presidential republic
• President	Javier Milei
• Vice President	Victoria Villarruel
Area
• Total	2,780,400 km²
Population
• 2022 census	46,044,703
Currency	Argentine peso

Argentina, officially the Argentine Republic, is a country in Latin America located in the southern part of South America with a eastern coastline on the Atlantic Ocean. It is bordered to the west by Chile, to the north by Bolivia and Paraguay, and to the northeast by Brazil and Uruguay. It is currently under $44 billion of debt to the IMF.

History

Colonization

In the early 16th century the territory of Argentina was colonized by the Spanish in their search for silver. The independent development of the indigenous population was disrupted and they were either enslaved or forced from their land. Landlords and the Catholic Church took over vast swathes of land with the indigenous population being sent to work in the mines and when there wasn't enough workers the Spanish imported slaves from Africa.

Independence

Map of indigenous nations in Argentina

Argentina declared independence from Spain in 1821. It took a large loan from the British in 1824 and intended to use it to build infrastructure but spent most of it on a war with Brazil instead. The British seized two frigates from Argentina after they defaulted on their loan. Argentina finally finished repaying the loan in 1904. During the early 20th century, the ruling class held its wealth in European banks and favored European currencies over the Argentine peso.

Perón era

Argentina refused to join the neocolonial IMF when it was founded in 1945. Its democratically elected president, Juan Domingo Perón, followed a progressive nationalist program and improved industry through two five-year plans. He bought the British-owned railroads. Pedro Eugenio Aramburu overthrew Perón in a military coup in 1955 and joined the IMF.

Operation Condor

In 1976, as part of Operation Condor, the CIA backed a far-right coup in Argentina that overthrew president Isabel Perón. After the coup, a military junta led by Jorge Rafael Videla took power and killed or disappeared 30,000 left-wing dissidents. Under the junta, Friedmanites from the United States controlled Argentina's central bank. In 1983, military rule ended, and Videla was given a life sentence for crimes against humanity in 1985.

Recent history

Raúl Alfonsín was elected in 1983 following the end of the junta. His presidency ended with a hyperinflation crisis in 1989. He was succeeded by the conservative Carlos Menem. Menem pardoned members of the former junta and reduced taxes and business regulations. By 1990, the inflation rate was 20,000%. He pegged the Argentine peso to the U.S. dollar, oversaw mass privatization, and destroyed the country's extensive rail system.

Between 1999 and 2001, liberal president Fernando de la Rúa continued to implement the IMF's austerity policies. A bank run began in November 2001, and de la Rúa limited withdrawals to $250 per person per week. Riots and a general strike followed, leading de la Rúa to flee the country on 20 December. At the end of 2001, four presidents resigned within two weeks.

Néstor Kirchner became president in 2003. Between 2003 and 2015, Argentina reduced poverty by 71% and extreme poverty by 81% and increased GDP per capita by 42%. Mauricio Macri, who came to power with U.S. support in 2015 and ruled until 2019, took a $57 billion loan from the IMF that led to 140% inflation and a 40% increase in poverty. In February 2022, Argentina joined China's infrastructure program, the Belt and Road Initiative. The areas of cooperation include green energy, technology, education, agriculture, communication, and nuclear energy.

Milei presidency

In October 2023, the far-right libertarian Javier Milei was elected as Argentina's president. He seeks to abolish Argentina's central bank and replace its currency with the U.S. dollar.

In December 2023, Milei announced the Decree of Necessity and Urgency and the Omnibus Law, allowing him to pass decrees without approval from Congress. His decrees have promoted foreign investment and privatize the economy. He cut diplomatic relations with Cuba and Venezuela, refused to join BRICS, and resumed talks with the IMF.

On 24 January, 1.5 million workers went on a general strike. While Milei was visiting the Zionist Entity, the courts ruled to suspend his Omnibus Law.

Economy

Argentina's debt is tied to the U.S. dollar, and it cannot print its own money.