Privatization and Political Parties

Abstract

As is well known, the privatization programme implemented during Menem’s years in Argentina became known world-wide for its extensive, indiscriminate and rapid character. In fact, the terms ‘extreme rapidity’ and ‘lack of discrimination’ have commonly been used to summarize its characteristics. Similarly, a number of figures have repeatedly been given in confirmation of the programme’s success. The World Bank, for instance, has referred to the privatizations in Argentina in the following terms:

The Argentine privatisation programme initiated in 1989 has been unique in its scope, since it included all the important enterprises, and in its pace, because it was essentially realised in four years. … Toward 1993, the market value of privatised assets was estimated to be US$ 18 000 million. The privatisation programme had a significant impact on the economy: until 1993, it had generated more than US$ 8000 million in cash and, concerning public debt reductions, over US$ 10 000 million at a nominal value and US$ 4000 million at a market value.¹