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Word Count: 542
Argentina in Turmoil In recent months the international economy has been adversely affected by the serious slowing of the U S Economy which has had considerable macroeconomic and financial effects However the Argentinian crisis is not just the result of unbridled management of the economy Some people argue this failure to solve the economic problems reflects lack of a common political understanding about which fundamental economic direction the country should take Despite this it is my contention that this crisis is the reflection of a countrys corrupt economic social and political system Many people believe the precipitate fall in Argentine economic activity is due to the countrys inability to compete internationally They argue that a 10-year system of pegging the nations currency to the U S Dollar helped gain control of inflation but could not remain effective because the countrys economy was not able to keep pace with that of the United States It is also believed that globalisation has pushed Argentina to the verge of collapse It is said that the globalising world has divided its rewards unevenly by widening the gulf between rich and poor people This idea is based on the fact that around half of Argentinas 36 million people now live below the poverty line unable to buy basics like food and clothing while unemployment is approaching 25 percent Some other people would argue that one of the most critical causes of the Argentine crisis is banking system Banks which must be committed to guaranteeing depositors predictability and liquidity lack the confidence of people whose savings have been trapped in the corralito the banking restrictions that were imposed when the economy faltered In spite of the previous arguments I strongly believe that corruption is the main cause of the economic problems that have destroyed Argentinas wealth impoverished its people and undermined its reputation as a reliable partner To begin with there is an unnecessary number of
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