Argentina’s right-wing shift in the 2015 presidential election concluded twelve years of center-left rule. The elected president, Mauricio Macri, claimed that the economy would experience normalization of existing imbalances and recover its strength in a “new political era.” However, the new administration quickly restored the dominance of neoliberal economic policies through a comprehensive set of initiatives, which centrally included the return to international financial debt and equity markets and submission to the International Monetary Fund’s (IMF) rules. This article analyzes Argentina’s external-debt-growth process and discusses its objectives and long-term effects. This paper posits that the indebtedness process carried out by the Macri administration—and its modality—not only increased the relevance of financial capital in the Argentine economy but also structurally conditioned any future nonorthodox alternative path of development. This outcome cannot be understood without taking into account the deliberate role of the United States, the IMF, and the top companies that operate in Argentina, as well as the complicity of many political sectors.

JEL Classification: H63, F34, F63

阿根廷在2015年总统大选中的右翼转变结束了长达十二年的中左统治。当选总统，毛里西奥·马克里，声称经济将经历现有的不平衡正常化，并在恢复其强度“新的政治时代。” 但是，新政府通过一系列全面的举措迅速恢复了新自由主义经济政策的主导地位，这些举措主要包括重返国际金融债务和股票市场以及服从国际货币基金组织（IMF）的规定。本文分析了阿根廷的外债增长过程，并讨论了其目标和长期影响。本文假定Macri政府进行的债务过程及其方式不仅增加了金融资本在阿根廷经济中的重要性，而且在结构上限制了未来任何非正统的替代发展路径。如果不考虑美国，IMF和在阿根廷开展业务的顶级公司的故意作用以及许多政治部门的共谋，就无法理解这一结果。

JEL分类： H63，F34，F63