“Oil nationalism” as a deterrent to structural change? The case of oil contracts in Argentina (1958-1962)

Manuel Màximo Cruz and Santiago José Gahn

No crn2103, CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale from Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC)

Abstract: Due to growing oil imports, political leaders had been forced to let private companies produce the much-needed oil without which modern life is impossible. The most strident political clashes with what is known as ‘oil nationalism’, both ending in a coup d’´etat, happened in the period 1954/55 and 1958/63. The former had President Per´on’s dealings with the California Argentina de Petr´oleos S.A., a subsidiary of the Standard Oil, at the center of a heated debate and, the latter, had President Frondizi’s oil contracts with foreign oil companies. The historical, political and diplomatic background is developed so as to understand the complexities that led to the annulment of this unprecedented and effective policy with impressive effects on oil production and investment. For the first time, we show empirical evidence on the effectiveness of these contracts on domestic oil production.

Keywords: Argentina; economic development; Foreign Direct Investment; import substitution policies; industrial policy; petroleum sector; structural change (search for similar items in EconPapers)
JEL-codes: E22 F21 F23 G31 H54 L16 L52 N46 O14 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-ene and nep-his
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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