title: Dick Advocaat

text: After finishing second to champions Ajax in the Eredivisie, and losing the cup final to AZ, Advocaat announced his retirement from club coaching at the end of the 2012–13 season. However, on 15 October 2013, he returned to AZ to succeed the sacked Gertjan Verbeek. He was replaced at the end of the season by Marco van Basten. AZ finished the season in eighth place. He also reached the semi–finals of the KNVB Cup and the quarter–finals of the Europa League.


title: Dick Advocaat

text: In July 2014, Advocaat was named the new manager of the Serbia national team. As the beginning of the UEFA Euro 2016 qualifying, Serbia earned just one single point in three matches: Serbia drew 1–1 with Armenia; forfeited (3–0 loss) their match against Albania because of stadium incidents during the match; then lost 3–1 to Denmark. Advocaat agreed to terminate his contract following the 3–1 home defeat against Denmark on 14 November 2014.


title: Dick Advocaat

text: Following the sacking of manager Gus Poyet, Advocaat was appointed manager of English Premier League club Sunderland on 17 March 2015 until the end of the season. Initially, Advocaat was appointed on temporary basis. His first match in charge was a 1–0 loss to West Ham United four days later. His first win as manager came from his second match, a 1–0 victory over Newcastle United in the Tyne–Wear derby on 5 April 2015. Following a 4–1 home defeat to Crystal Palace, Advocaat oversaw a turnaround in Sunderland's form with a 1–1 draw at Stoke City, and back to back wins against Southampton and Everton.


title: Dick Advocaat

text: Advocaat guided Sunderland to Premier League safety on 20 May 2015 with one match remaining after a 0–0 draw at Arsenal, and a visibly moved Advocaat was pictured in tears after the final whistle. Sunderland finished the season in 16th place, two spots and three points above the relegation zone.


title: Dick Advocaat

text: He left the club a week later, announcing the end of his managerial career, but reversed his decision to retire on 4 June 2015, signing a one-year contract with Sunderland. During the summer transfer window, the club made two major signings in winger Jeremain Lens, who previously played under Advocaat at PSV, and striker Fabio Borini, who played for Sunderland on loan during the 2013–14 season. The club also signed several defenders and secured the loan signings of Yann M'Vila, DeAndre Yedlin and Ola Toivonen, the latter having also played under Advocaat at PSV. Despite the additions, Sunderland made a poor start to the season with a 4–2 away defeat at Leicester City on 8 August and a 1–3 home defeat to newly promoted Norwich City the following week. Following a 2–2 draw with West Ham, Advocaat resigned on 4 October 2015. His only win in the 2015–16 season was a 6–3 victory against Exeter City on 25 August 2015 in the League Cup. At the time of Advocaat's resignation, Sunderland were in 19th place and in the relegation zone. He finished with a record of four wins, six draws and nine losses.


title: Dick Advocaat

text: On 17 August 2016, Advocaat signed a one-year contract with Turkish Süper Lig club Fenerbahçe. His first match in charge was a 2016–17 UEFA Europa League home tie against Grasshopper, which Fenerbahçe won 3–0. On 3 November, Advocaat led Fenerbahçe to a 2–1 win at home against Manchester United in the fourth group stage match of the Europa League and finished the group stage in first place, above United, with 13 points.


title: Dick Advocaat

text: On 9 May 2017, Advocaat was revealed as the new manager of the Netherlands, his third spell in charge of the national team. His first match in charge was the World Cup qualifier at home against Luxembourg on 9 June, which the Netherlands won 5–0. He was joined by Ruud Gullit as his assistant, whom Advocaat previously clashed with in his first spell in charge of the "Oranje".


title: Dick Advocaat

text: After failing to qualify to the World Cup, Advocaat stepped down following the November friendlies against Scotland and Romania. With victories in both matches, he became the most successful Netherlands manager in terms of winning, with a total number of 37 victories, a record previously held by Bob Glendenning for 77 years.


title: Dick Advocaat

text: On 25 December 2017, Sparta Rotterdam announced that Advocaat would be the club's new manager for the remainder of the 2017–18 season. On 20 May 2018 Sparta was relegated to the Eerste Divisie following a 1–3 loss to FC Emmen in the Promotion/relegation play-offs.


title: Dick Advocaat

text: On 12 September FC Utrecht announced they had a verbal agreement with Advocaat to finish the 2018-2019 season, after their previous manager had been sacked after 4 games.


title: Dick Advocaat

text: On 30 October 2019, Feyenoord announced that Dick Advocaat was appointed as the club's coach for the remainder of the 2019–20 Eredivisie season after their previous manager Jaap Stam had resigned. On 3 November 2019, Feyenoord played their first game under Dick Advocaat, winning 3-0 in an away game against VVV-Venlo. On 21 April 2020, Feyenoord announced that the club and Advocaat had reached an agreement for Advocaat to continue being the club's coach for the 2020–21 season. On 12 September 2020, Advocaat become the oldest coach in the history of the Dutch Eredivisie at 72 years and 351 days old.


title: Dick Advocaat

text: On 1 August 2021, he was unveiled as the new head coach of Iraq national football team to lead them in the FIFA World Cup Qualifiers. However, he didn't manage a win in 6 games, with 4 draws and 2 losses. He resigned on 23 November 2021.


title: Dick Advocaat

text: On 28 November 2022, Advocaat was appointed as the new manager of a struggling ADO Den Haag side, after former manager Dirk Kuyt had been fired after an unsuccessful spell at the club.


title: Three Crowned Kings

text: The Three Crowned rulers, or the Three Glorified by Heaven, or World of the Three or The Tamil Kings, primarily known as Muvendar, refers to the triumvirate of Chera, Chola and Pandya who dominated the politics of the ancient Tamil country, Tamilakam, from their three Nadu (countries) of Chola Nadu, Pandya Nadu (present day Madurai and Tirunelveli) and Chera Nadu (present day Kerala and some parts of Tamilnadu) in southern India. They signalled a time of integration and political identity for the Tamil people. They frequently waged war against one another under a period of instability and between each other, held control over Greater Tamilakam from 6th century BCE to the 13th century.


title: Three Crowned Kings

text: The etymology of the Tamil word for the three kings – Moovendhar (pronounced "Mūvēntar") – comes from and . They are mentioned by Megasthenes and the Edicts of Ashoka, and first in Tolkappiyam among Tamil literature who was the first to call them Three Glorified by Heaven (). Ptolemy and the Periplus of the Erythraean Sea mention three kingdoms ruling Tamilakam.


title: Three Crowned Kings

text: The Pandyas were the earliest of the Muvendhar and were of high antiquity being mentioned by Kātyāyana and Valmiki. However the establishment of a Pandya territory is not known until the sixth century under King Kadungon who liberated the Pandya country from the Kalabhras. Xuanzang reports that Jainism was flourishing while Buddhism was declining during this period. They were famous for being patrons of the Tamil Sangams which were held in their capital, Madurai. Pliny mentions the Pandya country and its capital. The large number of Roman coins from Emperor Augustus to Emperor Zeno found in Madurai shows that trade flourished among Rome, Greece and Tamilakam. Two embassies sent from the Pandya dynasty to Emperor Augustus were recorded. The Roman and Greek writers praise Korkai (now called Tuticorin or Thoothukudi) as the seaport of the Pandyas.


title: Three Crowned Kings

text: The "Silappatikaram" alludes to the solar ancestry of the Cholas and the lunar ancestry of the Pandyas. It does not mention anything about the ancestry of the Cheras. The 15th-century Tamil "Mahabharata" of Villiputtur Alvar describes the Chera king as from the fire dynasty, retaining the solar and lunar origins for the Chola and the Pandya kings, respectively. The "Tiruvilayatar Puranam" (or "Thiruvilaiyadal Puranam"), possibly from the 17th century, also states that when Brahma re-created the world after a deluge, he created the Chera, Chola and the Pandya kings as descendants of the fire, the sun and the moon, respectively.


title: Three Crowned Kings

text: "Chola Purva Patayam" ("Ancient Chola Record"), a Tamil language manuscript of uncertain date, contains a legend about the divine origin of the three crowned kings. According to it, the Shramana king Shalivahana (also known as Bhoja in this story) defeated Vikramaditya, and started persecuting the worshipers of Shiva and Vishnu. After failing to kill Shalivahana with a rain of fire, Shiva created three kings: Vira Cholan (Chola), Ula Cheran (Chera), and Vajranga Pandiyan (Pandya). The three kings came to bathe together at the triveni sangam (three-river confluence) in Thirumukkoodal, and formed an alliance against Shalivahana. Next, they went through a number of adventures at various places, including Kashi and Kanchi. With the blessings of Durga, they found treasure and inscriptions of Hindu kings from the age of Shantanu to Vikramaditya. They then reached Cudatturiyur (possibly Uraiyur), where Vira Cholan wrote letters to all those who worshipped Shiva and Vishnu, seeking their help against Shalivahana. A number of people assembled at Cudatturiyur to support the three kings' campaign. When Shalivahana heard of this preparation, he marched towards the south and took possession of the strong citadel at Tiruchirappalli. The three kings sent their envoy to Shalivahana, asking him to surrender and renounce his faith. When he refused, they and their allies assembled an army at Thiruvanaikaval. From an inscription that they had earlier found at Kanchi, they realised that there was a subterranean entrance into the Tiruchirappalli fort. They sent a few soldiers who entered the fort and opened its "Chintamani" gate. Their forces then entered the fortress, and defeated Shalivahana. "Chola Purva Patayam" dates Shalivahana's defeat to the year 1443 of an uncertain calendar era (possibly from the beginning of Kali Yuga).


title: Boy Meets Girl (band)

text: Boy Meets Girl is an American pop-music duo consisting of keyboardist and vocalist George Merrill and singer Shannon Rubicam. They are perhaps best known for their hit song "Waiting for a Star to Fall" from 1988 and for writing two of Whitney Houston's number one hits: "How Will I Know" and "I Wanna Dance with Somebody (Who Loves Me)".


title: Boy Meets Girl (band)

text: The members of Boy Meets Girl, George Merrill and Shannon Rubicam, wrote and composed a number of songs for other artists. Most famous are their two number one hits written for Whitney Houston, "How Will I Know" and "I Wanna Dance with Somebody (Who Loves Me)". They also wrote the songs "Don't Tell Me We Have Nothing" and "Haunting Me" for Deniece Williams and the song "I Know You By Heart", which was recorded by Dolly Parton and Smokey Robinson for Parton's 1987 "Rainbow" album, and later covered by Bette Midler for the "Beaches" soundtrack. The duo also performed backing vocals on Deniece Williams's number one hit, "Let's Hear It for the Boy". Merrill also sang backing vocals on Bette Midler's "Some People's Lives" album.


title: Boy Meets Girl (band)

text: Boy Meets Girl usually produced a demo version, or, in some cases such as "Don't Tell Me We Have Nothing", a studio version, before Merrill and Rubicam handed the songs to the intended artists.


title: Boy Meets Girl (band)

text: The duo's first album as a recording act was self titled, and its lead-off song, "Oh Girl", a bitter tale of a failed relationship was released as a single by A&M Records. The song reached number 39 on the "Billboard" Hot 100 singles chart in May 1985. The "Boy Meets Girl" album peaked at number 76 on the album chart.


title: Boy Meets Girl (band)

text: Three years later, the group released its follow-up album, "Reel Life", which featured the single "Waiting for a Star to Fall". With this selection, after years of writing and composing songs for other artists, the duo earned mainstream success in their own right. In the United States, "Waiting for a Star to Fall" peaked at number 5 on the "Billboard" Hot 100 and at number 1 on the "Billboard" Adult Contemporary chart. The song reached number 9 in the UK Singles Chart and was also a top 40 Australian hit in April 1989. It was featured in the 1990 movie "Three Men and a Little Lady". Reportedly, the song was inspired by an actual falling star that Merrill and Rubicam had seen at one of Whitney Houston's concerts at the Greek Theatre. The duo submitted the song to Houston for consideration on her next album, but her producer at the time, Clive Davis, rejected it.


title: Boy Meets Girl (band)

text: Boy Meets Girl's follow-up single "Bring Down the Moon" peaked at No. 49 on the "Billboard" Hot 100 (and No. 28 Adult Contemporary). "Reel Life" contained both singles and spent several weeks at No. 50 in the United States and peaked at No. 74 in the United Kingdom.


title: Boy Meets Girl (band)

text: Boy Meets Girl's third album, "New Dream", was scheduled for release in 1991, but RCA Records shelved it during a label reorganization. It was finally released and remastered in 2005.


title: Boy Meets Girl (band)

text: In the early 2000s, the couple, who had married during the 1980s, divorced, but continued their musical collaboration. In 2003, they released their fourth album, "The Wonderground", on their own label, and arranged for RCA Records to re-release their two RCA albums. Their debut album recorded for A&M Records was also re-released. In the works are new versions of the demonstration tapes they originally recorded for Whitney Houston. The various artists album "Number One With a Bullet" also contains their original demo tape for "I Wanna Dance with Somebody (Who Loves Me)".


title: Boy Meets Girl (band)

text: In 2005, "Waiting for a Star to Fall" was involved in a "sample battle". Two electronic music groups, Cabin Crew and Sunset Strippers, wanted to sample the song and remix it. Sunset Strippers, from the UK, won the right for the samples from the band's record label, releasing "Falling Stars". However, Cabin Crew, from Australia, and vocalist George Merrill re-recorded the vocals for the remixed song, entitled "Star to Fall" or "Star2Fall". A year earlier, Scottish electronic musician Mylo had also used samples of the song, mixing it with Kim Carnes's cover of "Bette Davis Eyes", for his song entitled "In My Arms".


title: Boy Meets Girl (band)

text: In January 2021, the duo released "More Deeply (In Love with You)", the first single from their forthcoming EP "5".


title: Hilary Devey

text: Hilary Lorraine Devey CBE ( Brewster; 10 March 1957 – 11 June 2022) was an English businesswoman and television personality best known for her role on the BBC Two programme "Dragons' Den" until she left to present the Channel 4 series "The Intern".


title: Hilary Devey

text: Devey was born Hilary Lorraine Brewster on 10 March 1957, in Bolton, Lancashire. As a seven-year-old child, she witnessed the results of the bankruptcy of her father, who had owned a central heating company, when bailiffs removed furniture and household goods from the family home. Her father then earned a living managing pubs and hotels. She left school at the age of sixteen, and served for a short while in the Women's Royal Air Force, in air traffic control and the supply accounts department; she was stationed at RAF Brize Norton. Devey later moved to London.


title: Hilary Devey

text: Devey made her fortune launching Pall-Ex, a palletised freight network. Launched in 1996, Pall-Ex was the third palletised goods distribution network to be launched in the UK. It was based on the well-established hub-and-spoke express parcels distribution model: this form of pallet network was pioneered by Palletline in 1992.


title: Hilary Devey

text: Pall-Ex handles around 8,000 palletised consignments through its Leicestershire hub each day and has over 90 network members. In 2021 it had a turnover of £92.1 million, compared with £76.6 million in 2020. In 2021 gross profits were £10.9 million.


title: Hilary Devey

text: Devey featured in several television programmes, including "The Secret Millionaire" in 2008, in which she donated more than £70,000 to the Back Door Music Project and the Syke Community Centre in Rochdale. In March 2010, she was the presenter of "The Business Inspector" for Channel 5, a four-part documentary series which saw her use her business acumen and expertise to help transform struggling small businesses into successful profitable companies.


title: Hilary Devey

text: In February 2011, Devey joined the panel of the BBC Two programme "Dragons' Den" following the departure of James Caan. Devey later announced that she would be leaving the series in June 2012, as she had signed an exclusive two-year agreement with Channel 4.


title: Hilary Devey

text: In September 2012, Devey presented her final programme for BBC Two, a mini-series called "Hilary Devey's Women at the Top", a joint Open University and BBC Two production.


title: Hilary Devey

text: In April 2013, after moving to Channel 4, Devey began hosting a new series, "The Intern", a business documentary in which Devey gave three young interns a week's trial in the job of their dreams. The first three episodes were aired in the Thursday 9 pm time slot, but the final three episodes were broadcast on Wednesday nights at the later time of 11 pm, due to a significant drop in ratings.


title: Hilary Devey

text: On 3 April 2014, Devey announced that she would host a new Channel 4 programme, which began filming in June 2014. The show, named "Running the Shop", began airing on Channel 4 on 9 June 2015.


title: Hilary Devey

text: On 18 June 2015, Devey made her debut as a guest panellist on the ITV lunchtime chat show "Loose Women", and became an occasional panellist on 4 September that year. However, she departed the show on 9 November.


title: Hilary Devey

text: Devey was awarded the Vitalise Woman of the Year Award in 2008, and an Honorary Doctorate of Law by the University of Leicester in 2010 for her services to industry. Other UK domestic awards have included the Sir Robert Lawrence Award for Lifetime Achievement from the Chartered Institute of Logistics and Transport in 2009 and the Personality of the Year in the International Freight Weekly Awards for 2010.


title: Hilary Devey

text: In July 2012, Devey was awarded an Honorary Doctorate of Business Administration by the University of Bolton, for services to business.


title: Hilary Devey

text: Devey was appointed Commander of the Order of the British Empire (CBE), in the 2013 Birthday Honours, for services to the transport industry and charity.


title: Hilary Devey

text: On 16 April 2014, Devey was awarded an Honorary Degree of Doctor of Business Administration from the University of Wolverhampton.


title: Hilary Devey

text: Devey was an ambassador of the British Citizen Awards, a ceremony held bi-annually to reward everyday individuals and their contribution to society.


title: Hilary Devey

text: Devey previously lived near Burton upon Trent, Staffordshire, England, but then relocated to Boylestone in Derbyshire. She also had a house in London and villas in Morocco, Spain, and Boca Raton, Florida, and for a time, owned a mansion in the state, which she sold in 2014 for £5.42 million. She was married and divorced three times. She also had a son named Mevlit, who she said in 2013 had successfully overcome drug addiction.


title: Hilary Devey

text: On 28 October 2012, whilst on BBC Radio 4's "Desert Island Discs", Devey shared a story about her mother's discovery, years into her relationship with Devey's father, that he already had a wife and four children. Devey also discovered that her ex-partner was also already married with five children.


title: Hilary Devey

text: Devey campaigned for various charities, including Carers Trust, of which she became vice-president in 2012. She donated to charity one penny for each pallet distributed by the Pall-Ex network through her 'Penny a Pallet' scheme. She also supported the Stroke Association, for which she became a patron in 2010.


title: Hilary Devey

text: On 11 June 2022, Devey died at her holiday home in Marrakesh, Morocco, following a long illness, aged 65. Tributes were paid by her former "Dragons' Den" co-stars Theo Paphitis, who said Devey "left [them] with some fantastic memories, may she rest in peace", Duncan Bannatyne, who tweeted he was sad to hear of her passing, noting that Devey had died "too young", and Deborah Meaden, who described her as "unique in every way", adding that she "brought grit and warmth with her into the den."


title: Sheila Reid

text: Sheila Reid (born 21 December 1937) is a Scottish actress, known for playing Madge Harvey in the ITV sitcom "Benidorm" (2007–2016). An original member of the Royal National Theatre in 1963, she played Bianca in the National's 1965 film version of "Othello", with Laurence Olivier in the title role. Her other film appearances include "Brazil" (1985), "The Winter Guest" (1997) and "Containment" (2015).


title: Sheila Reid

text: Born in Glasgow, Reid grew up in Bridge of Weir before her father's army career took the family to India. She was then educated at Moreton Hall School, a boarding independent school for girls, near the market town of Oswestry in Shropshire, in central England.


title: Sheila Reid

text: Reid has had a long and distinguished career in theatre, film and television. She worked with Laurence Olivier at The Royal National Theatre in London.


title: Sheila Reid

text: On 27 November 1960, she appeared in ITV drama anthology series "Armchair Theatre" as Assistant Librarian in the episode 'Mr Nobody'.


title: Sheila Reid

text: On 11 July 1962, she appeared in ITV drama anthology series "Tales of Mystery" as Jessica in the episode 'Chinese Magic'.


title: Sheila Reid

text: On 29 January 1964, she appeared in BBC One's drama series "Z Cars" as Maureen Stringfellow in the episode 'A Stroll Along the Sands'.


title: Sheila Reid

text: On 2 June 1964, she appeared in ITV drama anthology series "Love Story" as Miss Watson in the episode 'The Wooing of Miss Watson'. Two years later, Reid re-appeared in the series, but was only credited as 'The Girl' in the episode 'Dead Set at Dream Boy' which aired on 25 July 1966.


title: Sheila Reid

text: On 7 May 1966, she appeared in ITV drama anthology series "Knock on Any Door" as Sue Burton in the episode 'Sunday in Prospective'.


title: Sheila Reid

text: On 7 June 1967, she appeared in BBC's television film adaptation of 1907 French stage play "A Flea in Her Ear" written by Georges Feydeau as Antoinette Plucheux.


title: Sheila Reid

text: On 8 October 1967, she appeared in BBC Two's drama anthology series "Theatre 625" as Mavis in the episode 'The Lost Years of Brian Hooper'.


title: Sheila Reid

text: On 12 July 1970, she appeared in ITV drama anthology series "ITV Sunday Night Theatre" as Maria in the episode 'Twelfth Night'.


title: Sheila Reid

text: On 14 July 1971, "The Touch" directed by Ingmar Bergman was released in the US, starring Reid as Sara Kovac. The film received mixed to negative reviews from film critics and was a box office flop.


title: Sheila Reid

text: On 29 September 1971, she appeared in BBC One's drama series "Owen, M.D." as Mrs. Shackles in the episode 'The Whole Hog, Part 1'. She returned to the role as Mrs. Shackles once more in the episode 'The Whole Hog, Part 2' which aired on 30 September 1971. In 1973, Reid returned to the series for three more episodes, this time as a different character, Mabel Simpson, in the episodes 'Water Under the Bridge' (22 April 1973), 'The Love Game' (3 June 1973) and 'Father of the Man' (6 May 1973).


title: Sheila Reid

text: On 3 April 1972, she appeared in BBC Two's drama anthology series "Thirty-Minute Theatre" as Mrs. Berry in the episode 'And for My Next Trick'.


title: Sheila Reid

text: On 2 March 1973, she appeared in ITV drama series "Justice" as Madge in the episode 'The Whole Truth?'.


title: Sheila Reid

text: On 22 May 1975, she appeared in BBC One's drama anthology series "Play for Today" as Vanessa Bagley in the episode 'Brassneck'.


title: Sheila Reid

text: On 29 December 1975, she appeared in BBC One's drama series "Play of the Month" as Lottie Grady in the episode 'When We Are Married'.


title: Sheila Reid

text: On 9 November 1976, she appeared in Australian miniseries "The Emigrants" as May Parker in the episode "Chances for the Children". She returned to the role of May Parker twice more in the episode 'Endeavour' which aired on 16 November 1976 and '13,000 Miles Away' which aired on 23 November 1976. The show was broadcast on BBC One in the UK.


title: Sheila Reid

text: On 7 April 1978, she appeared in BBC One's comedy drama series "All Creatures Great and Small" as Mrs. Donovan in the episode 'Practice Makes Perfect'. She returned to the role of Mrs. Donovan once more in the episode 'Spring Fever' (29 September 1990).


title: Sheila Reid

text: On 22 October 1978, she appeared in ITV drama series "Lillie" as Queen Victoria in the episode 'Bertie'.


title: Sheila Reid

text: On 14 December 1978, she appeared in ITV police drama "The Sweeney" as Doreen Haskins in the episode 'Victims'.


title: Sheila Reid

text: In October 1980, Sir Henry at Rawlinson End was released in the UK, starring Reid as Lady Rawlinson. The film was praised by film critics and received mainly positive reviews.


title: Sheila Reid

text: On 12 June 1981, she appeared in ITV comedy drama series Get Lost! as Miss Langley in the episode 'Worried About Jim'. She returned to the role as Miss Langley in three more episodes, 'The Vicar Did It' (19 June 1981), 'Kiss Me Quick' (26 June 1981) and 'Not a Proper Ending' (3 July 1981).


title: Sheila Reid

text: On 8 January 1982, she appeared in BBC One's drama series "Fame Is the Spur" as Mrs. Ryerson in the episode 'Episode #1.1'. She returned to the role of Mrs. Ryerson in three more episodes, 'Episode #1.2' (15 January 1982), 'Episode #1.3' (22 January 1982) and 'Episode #1.4' (29 January 1982).


title: Sheila Reid

text: On 9 December 1983, she appeared in ITV comedy drama series "Auf Wiedersehen, Pet" as Patsy Busbridge in the episode 'Home Thoughts from Abroad'.


title: Sheila Reid

text: On 20 March 1984, she appeared in ITV drama series "Miracles Take Longer" as Mrs. Hook in the episode 'Episode #2.21'. She returned to the role of Mrs. Hook once more in the episode 'Episode #2.22' (26 March 1984).


title: Sheila Reid

text: On 19 January 1985, she appeared in BBC One's science fiction drama "Doctor Who" as Etta in the two part Sixth Doctor story Vengeance on Varos (19 and 26 January 1985).


title: Sheila Reid

text: On 20 April 1993, she appeared in ITV drama series Taggart as Jessie Fraser in the episode 'Gingerbread'.


title: Sheila Reid

text: On 10 March 1995, she appeared in ITV drama series Doctor Finlay as Tilda MacLean in the episode 'No Time for Heroes'.


title: Sheila Reid

text: On 9 July 1995, she appeared in BBC One's five part drama series "Oliver's Travels" as Eileen in the episode 'Do We Look Like That?'.


title: Sheila Reid

text: On 21 June 1998, she appeared in ITV family drama "Where the Heart Is" as Edith Woodford in the episode 'She Goes On'.


title: Sheila Reid

text: On 30 October 1998, Still Crazy was released in the UK, starring Reid as Mrs. Baggott. The film was praised by film critics and received mostly positive reviews.


title: Sheila Reid

text: On 7 December 1999, she appeared in ITV police procedural drama "The Bill" as Claire in the episode 'Consumers'. She returned to the role of Claire once more in the episode 'Lock In' (9 December 1999). She returned to the series many years later, this time as a different character, Audrey Thorp, in one more episode '431' (3 August 2006).


title: Sheila Reid

text: On 2 October 2001, she appeared in BBC One's medical soap opera "Doctors" as Louise Kingston in the episode "Retiring the Past". She returned to the series on four more occasions, each time playing a different character. She played Ivy Brownlow in the episode "You People" (20 January 2009), Eena McFee in the episode "Seize the Day" (31 May 2011) and Sid Dalmond in the episode "Sid's Blues" (22 January 2014). On 17 April 2020, Reid appeared as 'Speedy Sue', a con artist.


title: Sheila Reid

text: On 15 September 2002, she appeared in BBC One's comedy drama series "Monarch of the Glen" as Reverend Alice in the episode 'Episode #4.3'.


title: Sheila Reid

text: On 17 January 2003, she appeared in ITV crime drama series "Midsomer Murders" as Mrs. Metcalfe in the episode 'Painted in Blood'.


title: Sheila Reid

text: On 17 September 2005, she appeared in BBC One's medical drama series "Casualty" as Cynthia Hollis in the episode 'Deep Water'. She returned to the series on three more occasions, each time playing a different character. She played Loretta Parks in the episode 'Into the Fog' (2 October 2010), Gwen Morgan in the episode 'Return to Sender' (25 October 2014) and Sheila Bobbins in the episode 'Schoolboy Crush' (24 September 2016).


title: Sheila Reid

text: On 18 January 2006, she appeared in BBC One's drama anthology series "The Afternoon Play" as Edith in the episode 'Your Mother Should Know'.


title: Sheila Reid

text: On 28 January 2006, she appeared in BBC One's paranormal mystery drama "Sea of Souls" as Aggie the Chambermaid in the episode 'The Newsroom'.


title: Sheila Reid

text: In late 2006, Reid was cast as loud-mouth Madge Harvey in the ITV sitcom "Benidorm". Her character first appeared on 1 February 2007 in the first episode alongside her new on-screen family, The Garveys. It was announced on 8 January 2015 that Madge and The Garveys were leaving the show after nearly 8 years. They departed on the second episode of Series 7 (9 January 2015). On 17 April 2015, ITV confirmed Reid's return to the series and that she would appear in the third episode of Series 8. On 25 January 2016, Reid reprised her role as Madge for one episode.


title: Sheila Reid

text: On 13 November 2009, she appeared in BBC One's dark mystery series "Psychoville" as Old Crone in the 7th episode.


title: Sheila Reid

text: On 21 June 2012, she appeared in Sky Arts sketch show/comedy drama "Psychobitches" as Mother Teresa in the episode 'Pilot'. She returned to the series on three more occasions, each time playing a different character. She played Margot Fonteyn in the episode 'Episode #1.1' (30 May 2013), Betty Ford in the episode 'Episode #1.5' (27 June 2013) and Shirley Temple in the episode 'Episode #2.6' (23 December 2014).


title: Sheila Reid

text: On 25 December 2012, she appeared in BBC One's period drama "Call the Midwife" as Mrs. Jenkins in the Christmas Special episode.


title: Sheila Reid

text: On 13 February 2013, she appeared in BBC One's sitcom "Bob Servant Independent" as Margo Servant in the episode 'The Media'.


title: Sheila Reid

text: On 25 December 2013, she returned to Doctor Who, this time playing Clara Oswald's Grandmother in the Eleventh Doctor episode The Time of the Doctor.


title: Sheila Reid

text: On 6 May 2014, she appeared in BBC One's drama anthology series "Comedy Playhouse" as Lady Cairnsworth in the episode 'Miller's Mountain'.


title: Sheila Reid

text: On 1 November 2014, she appeared again in Doctor Who as Clara's Grandmother in the Twelfth Doctor episode Dark Water. She was simply credited as 'Gran' in the end credits to both episodes.


title: Sheila Reid

text: In 1996, she starred as Celestine in "Martin Guerre: The Musical" at The Prince Edward Theatre in London.


title: Sheila Reid

text: In 2017, she starred as Gloria in "Silver Lining", a new sitcom written by Sandi Toksvig, at The Rose Theatre, Kingston in London.


title: Sheila Reid

text: Reid was formerly married to actor Julian Curry. On 11 April 2008, after 32 years together, she and partner Terry Bullen were married in London, at a private ceremony watched by 12 close friends.


title: Papilloma

text: A papilloma (plural papillomas or papillomata) ("papillo-" + "-oma") is a benign epithelial tumor growing exophytically (outwardly projecting) in nipple-like and often finger-like fronds. In this context, papilla refers to the projection created by the tumor, not a tumor on an already existing papilla (such as the nipple).


title: Papilloma

text: When used without context, it frequently refers to infections (squamous cell papilloma) caused by human papillomavirus (HPV), such as warts. Human papillomavirus infection is a major cause of cervical cancer, vulvar cancer, vaginal cancer, penis cancer, anal cancer, and HPV-positive oropharyngeal cancers. Most viral warts are caused by human papillomavirus infection (HPV), of which there are nearly 200 distinct human papillomaviruses (HPVs), and many HPV types are carcinogenic. There are, however, a number of other conditions that cause papilloma, as well as many cases in which there is no known cause.


title: Papilloma

text: A benign papillomatous tumor is derived from epithelium, with cauliflower-like projections that arise from the mucosal surface.


title: Papilloma

text: It may appear white or normal colored. It may be pedunculated or sessile. The average size is between 1–5 cm. Neither sex is significantly more likely to develop them. The most common site is the palate-uvula area followed by tongue and lips. Durations range from weeks to 10 years.


title: Papilloma

text: Immunoperoxidase stains have identified antigens of the human papillomavirus (HPV) types 6 and 11 in approximately 50% of cases of squamous cell papilloma.


title: Economic history of Argentina

text: The economic history of Argentina is one of the most studied, owing to the "Argentine paradox." As a country, it had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline. Since independence from Spain in 1816, the country has defaulted on its debt nine times; inflation has often risen to the double digits, even as high as 5000%, resulting in several large currency devaluations.


title: Economic history of Argentina

text: Argentina possesses definite comparative advantages in agriculture because the country is endowed with a vast amount of highly fertile land. Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income. By 1913, Argentina was the world's 10th wealthiest state per capita.


title: Economic history of Argentina

text: Beginning in the 1930s, the Argentine economy deteriorated notably. The single most important factor in this decline has been political instability since 1930 when a military junta took power, ending seven decades of civilian constitutional government. In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable. Despite this, up until 1962 the Argentine per capita GDP was higher than that of Austria, Italy, Japan, and of its former colonial master, Spain. Successive governments from the 1930s to the 1970s pursued a strategy of import substitution to achieve industrial self-sufficiency, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatically.


title: Economic history of Argentina

text: The era of import substitution ended in 1976, but at the same time growing government spending, large wage increases, and inefficient production created a chronic inflation that rose through the 1980s. The measures enacted during the last dictatorship also contributed to the huge foreign debt by the late 1980s which became equivalent to three-fourths of the GNP.


title: Economic history of Argentina

text: In the early 1990s, the government reined in inflation by making the peso equal in value to the U.S. dollar and privatized numerous state-run companies using part of the proceeds to reduce the national debt. However, a sustained recession at the turn of the 21st century culminated in a default, and the government again devalued the peso. By 2005 the economy had recovered, but the country again defaulted in 2014 and 2020.


title: Economic history of Argentina

text: During the colonial period, present-day Argentina offered fewer economic advantages compared to other parts of the Spanish Empire, such as Mexico or Peru, which caused it to assume a peripheral position within the Spanish colonial economy. It lacked deposits of gold or other precious metals and did not have established native civilizations to subject to the "encomienda".


title: Economic history of Argentina

text: Only two-thirds of its present territory were occupied during the colonial period, while the remaining third consisted of the Patagonian Plateau which remains sparsely populated to this day. The agricultural and livestock sector's output was principally consumed by the producers themselves and by the small local market. They only became associated with foreign trade towards the end of the 18th century.


title: Economic history of Argentina

text: The period between the 16th and the end of the 18th century was characterized by the existence of self-sufficient regional economies separated by considerable distances, a lack of road, maritime or river communications, and the hazards and hardship of land transport. By the end of the 18th century, a significant national economy came into being as Argentina developed a market in which reciprocal flows of capital, labor, and goods could take place on a significant scale between its different regions, which it had hitherto lacked.


title: Economic history of Argentina

text: In the colonial period, the territories that now make up Argentina were subject, like the rest of the Spanish territories in the Americas, to legal restrictions regarding how and with whom trade could be conducted. Throughout the 17th and 18th centuries, trade directly through the port of Buenos Aires, rather than via the official system of fleets out of the port of Lima in modern Perú, was forbidden except through special permission from the Crown. In practice, however, this did not mean that the colonial economy of what is now Argentina was closed to trade.


title: Economic history of Argentina

text: In addition to trade with Brazil and Guinea, which was legalized in the early seventeenth century, colonial Buenos Aires also conducted trade directly with Spain and other European powers through the so-called "navíos de registro"— ships with royal permission to sail outside the official fleet or Spanish treasure fleet system to conduct specific services, such as transport soldiers. Dutch and Basque merchants in particular played an important role, in partnership, in managing the system of "navíos de registro" to conduct trans-Atlantic trade with Buenos Aires. Even more important than the "navíos" was a system of contraband trade into which the "navíos" were inserted. Thus, in the second half of the seventeenth century an estimated 200 ships entered the port of Buenos Aires without any permission at all, as opposed to 34 "navíos de registro". On top of this system of largely technically illegal transatlantic trade was the "situado" system of funding from the royal treasury in Potosí, in Upper Perú, which supplied the military garrison in Buenos Aires. In practice, the "situado" funded, through a system of credit, a local economy in Buenos Aires which was itself inserted into the contraband economy.


title: Economic history of Argentina

text: Argentinian historian Zacarías Moutoukias argues that this system of trade, in which Buenos Aires was linked with the mining economy of the Andes through the "situado" and to cross-Atlantic trade through contraband and the "navíos de registro", created an integrated political and commercial elite in Buenos Aires, made up of military officers, Crown officials and local merchants, and a political economy in which “corruption”— that is, the violation of royal laws regarding trade— was not an aberration but rather a defining characteristic.  For Moutoukias, “corruption” in this context was simply “the violation of a fixed set of norms that limited the integration of the crown’s representatives with the local oligarchy”— a violation that was tacitly tolerated by the Crown because it was lucrative.


title: Economic history of Argentina

text: Historians like Milcíades Peña consider this historical period of the Americas as pre-capitalist, as most production of the coastal cities was destined to overseas markets. Rodolfo Puiggrós consider it instead a feudalist society, based on work relations such as the encomienda or slavery. Norberto Galasso and Enrique Rivera consider that it was neither capitalist nor feudalist, but a hybrid system result of the interaction of the Spanish civilization, on the transition from feudalism to capitalism, and the natives, still living in prehistory.


title: Economic history of Argentina

text: The Argentine territories, held back by their closed economies, the lack of any activity closely linked to foreign trade, and the scant amounts of labor and capital they consequently received, fell far behind those of other areas of the colonial world that participated in foreign trade. Only activities associated with a dynamic exporting centre enjoyed some degree of prosperity, as occurred in Tucuman, where cloth was manufactured, and in Córdoba and the Litoral, where livestock was raised to supply the mines of Upper Peru.


title: Economic history of Argentina

text: This trade was legally limited to Spain: the Spanish Crown enforced a monopsony which limited supplies and enabled Spanish merchants to mark up prices and increase profits. British and Portuguese merchants broke this monopsony by resorting to contraband trade.


title: Economic history of Argentina

text: Other scholars reject the label of “feudal” to describe Argentine economy and society during the colonial period. Historian Jeremy Adelman, for example, describes an agrarian economy in the Argentinian interior in which both wage labor and production for the market were quite common during the colonial period. In the seventeenth century, this included the development of textile workshops ("obrajes"), the raising of mules for transport and the hunting of feral cattle herds to produce meat, leather and tallow— all of these economic activities supplied the mining economy of Potosí in the Andes. In the 18th century, the depletion of feral cattle herds led to the development of settled livestock agriculture in the Argentine Littoral as well as in inland regions. The relative lack of extra-economic coercion due to ample access to land on the agrarian frontier, the prevalence of wage labor, the variety of types of land tenure (ownership, tenancy, a spectrum of usufruct rights) as well as a lack of a fixed and hegemonic landed elite all lead Adelman to reject the label of “feudalism” to describe the agrarian economy of what now makes up Argentina during the colonial period.


title: Economic history of Argentina

text: The British desire to trade with South America grew during the Industrial Revolution and the loss of their 13 colonies in North America during the American Revolution. To achieve their economic objectives, Britain initially launched the British invasions of the Río de la Plata to conquer key cities in Spanish America but they were defeated by the local forces of what is now Argentina and Uruguay not once but twice without the help of Spain. When they allied to Spain during the Napoleonic Wars, they requested the Spanish authorities to open commerce to Britain in return.


title: Economic history of Argentina

text: The first Argentine historians, such as Bartolomé Mitre, attributed the free trade to "The Representation of the Hacendados" economic report by Mariano Moreno, but is currently considered the result of a general negotiation between Britain and Spain, as reflected in the Apodaca-Canning treaty of 1809. The actions of Baltasar Hidalgo de Cisneros in Buenos Aires reflected similar outcomes emanating from the other Spanish cities of South America.


title: Economic history of Argentina

text: Compared to other parts of Latin America, slavery played a much lesser role in the development of the Argentine economy, mostly because of the absence of gold mines and sugar plantations, which would have demanded huge numbers of slave workers. Colonial Brazil, for example, imported as many as 2.5 million Africans in the 18th century. By contrast, an estimated 100,000 African slaves arrived at the port of Buenos Aires in the 17th and 18th centuries, and many were destined for Paraguay, Chile and Bolivia.


title: Economic history of Argentina

text: The colonial livestock ranches were established toward the middle of the 18th century. The pace of growth in the region increased dramatically with the establishment in 1776 of the new Viceroyalty of Rio de la Plata with Buenos Aires as its capital, and increased legal trading allowed by the Free Trade Act of 1778, which allowed for "free and protected" trade between Spain and its colonies. This trade system disintegrated during the Napoleonic era, and contraband became common again.


title: Economic history of Argentina

text: During the early post-independence period, an important share of Argentina's exports came from cattle and sheep production. The livestock-raising economy was based upon the abundance of fertile land in the littoral provinces. Cropping apparently lacked comparative advantage compared to livestock grazing.


title: Economic history of Argentina

text: Exports rose 4% to 5% annually from 1810 to 1850 and 7% to 8% from 1850 to 1870. This growth was achieved through the extension of the frontier and greater efficiency in livestock production.


title: Economic history of Argentina

text: As a result of the diversification in markets and products, Argentina managed to escape the trap of a single-staple economy and sustained its economic growth over six decades. The combined effect of declining prices of textiles and rising prices of livestock products produced dramatic improvements in the terms of trade, which rose 377% between 1810 and 1825 in local prices. Several governors waged campaigns against the natives to increase the available lands, from Juan Manuel de Rosas to Julio Argentino Roca.


title: Economic history of Argentina

text: Most poor gauchos joined forces with the most powerful caudillos in the vicinity. As the Federalist Party, they opposed the policies implemented by Buenos Aires, and waged the Argentine Civil Wars.


title: Economic history of Argentina

text: After Argentina became independent in 1810, an era in which commerce was controlled by a small group of peninsular merchants came to an end. The Primera Junta, the first government established after the 1810 May Revolution, undertook a protectionist policy until their fall from government.


title: Economic history of Argentina

text: The First Triumvirate (1811–1812), influenced by Bernardino Rivadavia and Manuel García, instead promoted unrestricted trade with Britain. The Second Triumvirate (1812–1814) and José Gervasio Artigas (who controlled the Liga Federal during the 1815–1820 period) sought to restore the initial protectionist policy, but the Supreme Director restored free trade once more. Thus, the economy of the Río de la Plata became one of the most open economies in the world.


title: Economic history of Argentina

text: Between 1812 and 1816 divisions developed between a Unitarist faction centred on Buenos Aires and a Federalist faction in the provinces, which eventually led to a series of civil wars that ended with the conquest of Buenos Aires by Federalist caudillos at the Battle of Cepeda in 1820.


title: Economic history of Argentina

text: Each province had its own money, and the same money had a different value from one province and another, and even among cities in the same province.


title: Economic history of Argentina

text: The government of Martín Rodríguez (1820–1824) and his minister Bernardino Rivadavia, then Las Heras and finally Rivadavia himself as the first president of Argentina from 1826 to 1827, developed an economic plan deemed as ""The happy experience"". This plan increased the British influence in the national politics. It was based on five main pillars: complete free trade and no protectionist policies against British imports, finance with a central bank managed by British investors, absolute control of the port of Buenos Aires as the sole source of income from national customs, British exploitation of the national natural resources, and a Unitarist national organization centred in Buenos Aires. After Rivadavia resigned in 1827, ending the "happy experience", the federalist Manuel Dorrego assumed power as governor of Buenos Aires, but was soon executed by the unitarist Juan Lavalle during a military coup.


title: Economic history of Argentina

text: The exports of gold, allowed by the free trade policies, soon depleted the national reserves. This posed a great problem, as gold was the medium of exchange of the local economy. Rivadavia sought to fix it by establishing the "Discount Bank", a central bank for printing fiat money. Like a number of other central banks worldwide, this bank was not owned by the state, but by private investors, British in this case.


title: Economic history of Argentina

text: The report of the American John Murray Forbes to John Quincy Adams, sixth President of the United States, in 1824 mentioned that Britain had a huge influence in the economic power of the country.


title: Economic history of Argentina

text: He mentioned that the government in Buenos Aires was so eager to be on good terms with Britain and gain recognition of the declaration of independence that most official institutions (as the Bank) were under British control, and that Britain had similar control over the Argentine economy to that metropole of a colony, without the financial, civil or military costs. Even the lack of an Argentine merchant fleet allowed Britain to manage the maritime trade. Forbes's testimony should be appraised in perspective of the contemporary Anglo-American commercial rivalry, In light of the partial nature of the account and of his "jealousy, even antipathy" towards the English in Rio de la Plata.


title: Economic history of Argentina

text: In the mid-1820s, when Manuel José García was Minister of Finance, the government borrowed heavily to finance new projects and to pay off war debts. These loans were tendered at usurious rates: in one notorious loan, the government received credit for £570,000 from the Baring Brothers in exchange for a debt of £1,000,000. In the 1820s, the peso papel began to lose value rapidly with respect to the peso fuerte, which was linked to the price of gold. In 1827 the peso papel was devalued by 33%, and was devalued again by 68% in 1829.


title: Economic history of Argentina

text: Juan Manuel de Rosas forced Lavalle to leave the province, and the federals ruled Buenos Aires until 1852. Rosas modified a number of policies of the Rivadavian period but maintained others: he set a customs law with protectionist policies, but kept the port under the exclusive control of Buenos Aires and refused to call a constituent assembly.


title: Economic history of Argentina

text: The customs law set trade barriers to products produced in the country, and imposed high import tariffs on luxury goods, together with export quotas and tariffs on gold and silver. However, the law was not completely effective because of the control of the port, which did not allow the provinces a steady financial income. The exclusive control of the port was long resisted by federals from other provinces and led to the conflict of Rosas and Justo José de Urquiza at the battle of Caseros. Despite the financial obstacles, the economy of Entre Ríos grew to a size near that of Buenos Aires, with the decline of saladeros and the growth of wool production.


title: Economic history of Argentina

text: In 1838 there was a new currency crisis, and the peso papel was devalued by 34%, and in 1839 when the peso papel lost 66% of its value. It was again devalued by 95% in 1845, and by 40% in 1851. The Alsina years, which coincided with the secession of Buenos Aires, saw an extremely poor economic performance. Efforts to fund extraordinary expenditure on the conflict between Buenos Aires and the other provinces of the Confederation caused the fiscal deficit to skyrocket. Similarly, the Confederation faced harsh economic conditions. Urquiza, president of the Confederation, issued the 'law of differential rights', benefiting the ships trading with the ports of the Confederation and but not with Buenos Aires.


title: Economic history of Argentina

text: The end of the civil wars provided the political and legal stability necessary to assert property rights and cut transaction costs, contributing to the huge inflows of capital and labor resources that built modern Argentina. In 1866 an attempt was made to stabilize the currency, by introducing a system of convertibility, which restricted the monetary authorities to issue paper currency only if it was fully backed by gold or convertible foreign currency. The decades of the 1860s and 1880s experienced the most favorable performance of the economy overall, setting the stage for the so-called Golden Age of Argentine history. Nevertheless, the first years of independence included a difficult economic development. In spite of the new freedom caused by the inauguration of the republic, the country was not economically united: expansion in some parts and decline in other parts. Indeed, people experienced different levels of income and welfare. Therefore, it is unclear whether this period of time (1820–1870) brought an income or welfare improvement.


title: Economic history of Argentina

text: In the 60 years after the founding of the farming colony at Esperanza in 1856, the base of Argentine agriculture gradually shifted from livestock to crops.


title: Economic history of Argentina

text: Argentina, which had been insignificant during the first half of the 19th century, showed growth from the 1860s up until 1930 that was so impressive that it was expected to eventually become the United States of South America. This impressive and sustained economic performance was driven by the export of agricultural goods. A 2018 study describes Argentina as a "super-exporter" during the period 1880–1929 and credits the boom to low trade costs and trade liberalization on one hand and on the other hand to the fact that Argentina "offered a diverse basket of products to the different European and American countries that consumed them". The study concludes "that Argentina took advantage of a multilateral and open economic system."


title: Economic history of Argentina

text: During the second half of the 19th century, there was an intense process of colonization of the territory in the form of latifundia. Until 1875 wheat was imported as it was not grown in sufficient quantities to supply local demand; by 1903 the country supplied all its own needs and exported of wheat, enough to sustain 16,000,000 people.


title: Economic history of Argentina

text: In the 1870s real wages in Argentina were around 76% relative to Britain, rising to 96% in the first decade of the 20th century. GDP per capita rose from 35% of the United States average in 1880 to about 80% in 1905, similar to that of France, Germany and Canada.


title: Economic history of Argentina

text: In 1870, during Domingo Faustino Sarmiento's presidency, total debt amounted to 48 million gold pesos. A year later, it had almost doubled. Avellaneda became president after winning the 1874 presidential election. The coalition that supported his candidature became the Partido Autonomista Nacional, Argentina's first national party; all the presidents until 1916 would come from this party. Avellaneda undertook the tough actions needed to get the debt under control. In 1876 convertibility was suspended. The inflation rate rose to almost 20% in the following year, but the ratio of debt to GDP plummeted. Avellaneda's administration was the first to deliver a balance in the fiscal accounts since the mid-1850s. Avellaneda passed on to his successor, Julio Argentino Roca, a much more manageable economic environment.


title: Economic history of Argentina

text: In 1881, a currency reform introduced a bimetallic standard, which went into effect in July 1883. Unlike many precious metal standards the system was very decentralized: no national monetary authority existed and all control over convertibility rested with the five banks of issue. The period of convertibility lasted only 17 months: from December 1884 the banks of issue refused to exchange gold at par for notes. The suspension of convertibility was soon accommodated by the government, since, having no institutional power over the monetary system, there was little they could do to prevent it.


title: Economic history of Argentina

text: The profitability of the agricultural sector attracted foreign capital for railways and industries. British capital investments went from just over £20 million in 1880 to £157 million in 1890. During the 1880s, investment began to show some diversification as capital began to flow from other countries such as France, Germany and Belgium, though British investment still accounted for two thirds of total foreign capital. In 1890 Argentina was the destination of choice for British investment in Latin America, a position it held until World War I. By then, Argentina had absorbed between 40% and 50% of all British investment outside the United Kingdom. Despite its dependence on the British market, Argentina managed a 6.7% annual rate of growth of exports between 1870 and 1890 as a result of successful geographic and commodity diversification.


title: Economic history of Argentina

text: The first Argentine railway, a road, had been built in 1854. By 1885, a total of of railways were open for traffic. The new railways brought livestock to Buenos Aires from the vast pampas, for slaughter and processing in the (mainly English) meat-packing plants, and then for shipment around the world. Some contemporary analysts lamented the export bias of the network configuration, while opposing the "monopoly" of private British companies on nationalist grounds. Others have since argued that the initial layout of the system was mostly shaped by domestic interests, and that it was not, in fact, strictly focused on the port of Buenos Aires.


title: Economic history of Argentina

text: The scarcity of labor and abundance of land induced a high marginal product of labor. European immigrants (chiefly Italians, Spaniards, French and Germans), tempted by the high wages, arrived in droves. The government subsidized European immigration for a short time in the late 1880s, but immigrants arrived in massive numbers even with no subsidy.


title: Economic history of Argentina

text: Juárez Celman's administration saw a substantial increase in the ratio of debt to GDP toward the end of his tenure and an increasing weakness in the fiscal situation. The Baring Brothers merchant bank had developed a close and profitable association with Argentina, and when Celman's government was unable to meet its payments to the House of Baring, a financial crisis ensued. Argentina defaulted and suffered bank runs as the Baring Brothers faced failure. The crisis was caused by the lack of co-ordination between monetary policy and fiscal policy, which ultimately led to the collapse of the banking system. The financial crisis of 1890 left the government with no funds for its immigration subsidies program, and it was abolished in 1891. Loans to Argentina were severely curtailed, and imports had to be cut sharply. Exports were less affected, but the value of Argentine exports did not surpass the 1889 peak until 1898.


title: Economic history of Argentina

text: Celman's successor, Carlos Pellegrini, laid the foundations for a return to stability and growth after the restoration of convertibility in 1899. He also reformed the banking sector in ways that were to restore stability in the medium term. Rapid growth rates soon returned: in the period 1903–1913, GDP increased at an annual rate of 7.7%, and industry grew even faster, jumping by 9.6%. By 1906, Argentina had cleared the last remnants of the 1890 default and a year later the country re-entered the international bond markets.


title: Economic history of Argentina

text: All the same, between 1853 and the 1930s, fiscal instability was a transitory phenomenon. The depressions of 1873–77 and 1890–91 played a crucial role in fostering the rise of industry: timidly in the 1870s and more decisively in the 1890s, industry grew with each crisis in response to the need of a damaged economy to improve its trade balance through import-substitution. By 1914, about 15% the Argentine labor force was involved in manufacturing, compared to 20% involved in commercial activities. In 1913, the country's income per head was on a par with that of France and Germany, and far ahead of Italy's or Spain's. At the end of 1913, Argentina had a gold stock of £59 million, or 3.7% of the world's monetary gold, while representing 1.2% of the world's economic output.


title: Economic history of Argentina

text: Argentina, like many other countries, entered into a recession following the beginning of World War I as international flows of goods, capital and labour declined. Foreign investment in Argentina came to a complete standstill from which it never fully recovered: Great Britain had become heavily indebted to the United States during the war and would never again export capital at a comparable scale. And after the opening of the Panama canal in 1914, Argentina and the other Southern cone economies declined, as investors turned their attention to Asia and the Caribbean. The United States, which came out of the war a political and financial superpower, especially perceived Argentina (and to a lesser extent Brazil) as a potential rival on world markets. Neither the Buenos Aires Stock Exchange nor the private domestic banks developed rapidly enough to fully replace British capital.


title: Economic history of Argentina

text: As a consequence, investable funds became increasingly concentrated in a single institution, the Banco de la Nacion Argentina (BNA), creating a financial system vulnerable to rent-seeking. Rediscounting and non-performing loans grew steadily at the BNA after 1914, polluting its balance sheet. This corrosion of balance sheets was a result of crony loans to the other banks and the private sector. In its rediscounting actions the BNA was not engaged in pure lender of last resort actions, following Bagehot's principle of lending freely at a penalty rate. Instead, the state bank allowed the private banks to shed their risks, with bad paper used as security, and lent them cash at 4.5%, below the rate the BNA offered its customers on time deposits.


title: Economic history of Argentina

text: However, unlike its neighbors, Argentina became capable of still having relatively healthy growth rates during the 1920s, not being as affected by the worldwide collapse of commodity prices as Brazil and Chile were. Similarly, the gold standard was still in place at a time almost all European countries had abandoned it. Automobile ownership in the country in 1929 was the highest in the Southern hemisphere.


title: Economic history of Argentina

text: For all its success, by the 1920s Argentina was not an industrialized country by the standards of Britain, Germany or the United States. A major hindrance to full industrialization was the lack of energy sources such as coal or hydropower. Experiments with oil, discovered in 1907, had poor results. Yacimientos Petrolíferos Fiscales, the first state-owned oil company in Latin America, was founded in 1922 as a public company responsible for 51% of the oil production; the remaining 49% was in private hands.


title: Economic history of Argentina

text: Exports of frozen beef, especially to Great Britain, proved highly profitable after the invention of refrigerated ships in the 1870s. However Britain imposed new restrictions on meat imports in the late 1920s, which sharply reduced beef imports from Argentina. Ranchers responded by switching from pastoral to arable production, but there was lasting damage to the Argentine economy.


title: Economic history of Argentina

text: The Great Depression had a comparatively mild effect on Argentina, the unemployment rate never went above 10%, and the country largely recovered by 1935. However, the Depression permanently halted its economic expansion. Actually, much like other developing countries, the economy was already in a downturn beginning in 1927, a result of declining prices.


title: Economic history of Argentina

text: Argentina abandoned the gold standard in December 1929, earlier than most countries. For much of the previous period, the country had operated a currency board, in which a body known as the caja de conversión was charged with maintaining the peso's value in gold. The devaluation of the peso increased the competitiveness of its exports and protected domestic production. Argentina saw the value of its exports drop from $1,537 million in 1929 to $561 million in 1932, but this was by no means the most severe downturn in the region.


title: Economic history of Argentina

text: In response to the Great Depression, successive governments pursued a strategy designed to transform Argentina into a country self-sufficient in industry as well as agriculture. The strategy of growth was based on import substitution in which tariffs and quotas for final goods were raised. The import-substitution process had progressively been adopted since the late 19th century, but the Great Depression intensified it. The government's encouragement of industrial growth diverted investment from agriculture, and agricultural production fell dramatically.


title: Economic history of Argentina

text: In 1930, the armed forces forced the Radicals from power and improved economic conditions, but political turbulence intensified. In 1932, Argentina required immigrants to have a labor contract prior to arrival, or proof of financial means of support. The Roca-Runciman Treaty of 1933 gave Argentina a quota of the British market for exports of its primary products, but the discriminatory British imperial tariffs and the effects of deflation in Britain actually led to a small decline of Argentine exports to Great Britain.


title: Economic history of Argentina

text: Unemployment resulting from the Great Depression caused unrest. The industrial growth spurt of the 1930s gradually slowed. The economic conditions of the 1930s contributed to the process of internal migration from the countryside and smaller towns to the cities, especially Buenos Aires, where there were greater opportunities for employment. The urban working classes led several unsuccessful uprisings prior to the 1937 presidential elections. Traditional export agriculture stagnated at the outbreak of World War II and remained sluggish.


title: Economic history of Argentina

text: After the 1943 Argentine coup d'état, Juan Perón, a member of the United Officers Group that engineered the plot, became Minister of Labor. Campaigning among workers with promises of land, higher wages, and social security, he won a decisive victory in the 1946 presidential elections. Under Perón, the number of unionized workers expanded as he helped to establish the powerful General Confederation of Labor. Perón turned Argentina into a corporatist country in which powerful organized interest groups negotiated for positions and resources. During these years, Argentina developed the largest middle class on the South American continent.


title: Economic history of Argentina

text: Early Peronism was a period of macroeconomic shocks during which a strategy of import substitution industrialization was put into practice. Bilateral trade, exchange control and multiple exchange rates were its most important characteristics. Beginning in 1947, Perón took a leftward shift after breaking up with the "Catholic nationalism" movement, which led to gradual state control of the economy, reflected in the increase in state-owned property, interventionism (including control of rents and prices) and higher levels of public investment, mainly financed by the inflationary tax. The expansive macroeconomic policy, which aimed at the redistribution of wealth and the increase of spending to finance populist policies, led to inflation.


title: Economic history of Argentina

text: Wartime reserves enabled the Peronist government to fully pay off the external debt in 1952; by the end of the year, Argentina became a net creditor to the tune of US$5 billion. Between 1946 and 1948, the French and British-owned railways were nationalized, and the existing networks were expanded, with the rail network reaching 120,000 kilometers by 1954. The government also established the IAPI to control the foreign trade in export commodities. Perón erected a system of almost complete protection against imports, largely cutting off Argentina from the international market. In 1947, he announced his first Five-Year Plan based on growth of nationalized industries. Protectionism also created a domestically oriented industry with high production costs, incapable of competing in international markets. At the same time, output of beef and grain, the country's main export goods, stagnated. The IAPI began shortchanging growers and, when world grain prices dropped in the late 1940s, it stifled agricultural production, exports and business sentiment, in general. Despite these shortcomings, protectionism and government credits did allow an exponential growth of the internal market: radio sales increased 600% and fridge sales grew 218%, among others.


title: Economic history of Argentina

text: During the first Five-Year Plan, various public works and programs were executed, with the aim to modernize the country's infrastructure. For example, a total of 22 hydroelectric power plants were erected, increasing electrical output from 45,000 kVA in 1943 to 350,000 kVA in 1952. Between 1947 and 1949, a network of gas pipelines, which linked Comodoro Rivadavia with Buenos Aires, was built. The gas distribution reached 15 million m³, reducing costs by a third.


title: Economic history of Argentina

text: During this period Argentina's economy continued to grow, on average, but more slowly than the world as a whole or than its neighbors, Brazil and Chile. A suggested cause is that a multitude of frequently changed regulations, at times extended to ridiculous specifics (such as a 1947 decree setting prices and menus for restaurants), choked economic activity. The long-term effect was to create pervasive disregard for the law, which Argentines came to view as a hindrance to earning a living rather than an aid to enforcing legitimate property rights. The combination of industrial protectionism, redistribution of income from the agrarian to the industrial sector, and growing state intervention in the economy sparked an inflationary process. By 1950, Argentina's GDP per capita accounted fell to less than half of that of the United States.


title: Economic history of Argentina

text: Perón's second Five-Year Plan in 1952 favored increased agricultural output over industrialization, but industrial growth and high wages in previous years had expanded the domestic demand for agrarian goods. During the 1950s, output of beef and grain fell, and the economy suffered. The policy shift toward agricultural production created a gap in income distribution, as the majority of those who worked in agriculture labored on tiny plots, while the majority of the land was in large estates. Argentina signed trade agreements with Britain, the Soviet Union and Chile, slightly opening the market to international trade as Perón's second economic plan sought to capitalize on the country's comparative advantage in agriculture.


title: Economic history of Argentina

text: In the 1950s and part of the 1960s, the country had a slow rate of growth in line with most Latin American countries, while most of the rest of the world enjoyed a golden era. Stagnation prevailed during this period, and the economy often found itself contracting, mostly the result of union strife.


title: Economic history of Argentina

text: Wage growth beginning in 1950 pushed prices up. The inflation rate increased faster, and soon real wages fell. High inflation prompted a stabilization plan that included tighter monetary policy, a cut in public expenditures, and increases in taxes and utility prices. Increasing economic wariness as the 1950s progressed became one of the leading causes for Perón's downfall in the Revolución Libertadora of 1955, as the working classes saw their quality of life diminished, thus stripping Perón from a large part of his popular support.


title: Economic history of Argentina

text: Arturo Frondizi won the 1958 presidential election in a landslide. In the same year he announced the beginning of the "oil battle": a new attempt at import substitution which aimed to achieve self-sufficiency in oil production by signing several contract with foreign companies for the mining and exploitation of oil. In 1960, Argentina joined the Latin American Free Trade Association.


title: Economic history of Argentina

text: Another coup in June 1966, the so-called Argentine Revolution, brought Juan Carlos Onganía to power. Ongania appointed Adalbert Krieger Vasena to head the Economy Ministry. His strategy implied a very active role for the public sector in guiding the process of economic growth, calling for state control over the money supply, wages and prices, and bank credit to the private sector.


title: Economic history of Argentina

text: Krieger's tenure witnessed increased concentration and centralization of capital, coupled with privatization of many important sectors of the economy. The international financial community offered strong support for this program, and economic growth continued. GDP expanded at an average annual rate of 5.2% between 1966 and 1970, compared to 3.2% during the 1950s.


title: Economic history of Argentina

text: After 1966, in a radical departure from past policies, the Ministry of Economy announced a program to reduce rising inflation while promoting competition, efficiency, and foreign investment. The anti-inflation program focussed on controlling nominal wages and salaries. Inflation decreased sharply, decreasing from an annual rate of about 30% in 1965–67 to 7.6% in 1969. Unemployment remained low, but real wages fell.


title: Economic history of Argentina

text: A gradual reversal in trade policy culminated in the military announcing import substitution as a failed experiment, lifting protectionist barriers and opening the economy to the world market. This new policy boosted some exports, but an overvalued currency meant certain imports were so cheap that local industry declined, and many exports were priced out of the market. The Ministry of Economy put an end to the exchange rate policy of previous governments. The currency underwent a 30% devaluation. In 1970, the "peso moneda nacional" (one of the longest-lived currencies in the region) was replaced by the "peso ley" [shortened form of "peso ley 18188"] (100 to 1).


title: Economic history of Argentina

text: In May 1969, discontent with Krieger's economic policies led to riots in the cities of Corrientes, Rosario and Córdoba. Krieger was removed, but the Onganía administration was unable to agree on an alternative economic policy. By 1970, the authorities were no longer capable of maintaining wage restraints, leading to a wage-price spiral. As the economy started to languish and import substitution industrialization ran out of steam, urban migration slowed. Per capita income fell, and with it the standard of living. Perón's third term of office was characterized by an expansive monetary policy, which resulted in an uncontrolled rise in the level of inflation.


title: Economic history of Argentina

text: Between 1975 and 1990, real per capita income fell by more than 20%, wiping out almost three decades of economic development. The manufacturing industry, which had experienced a period of uninterrupted growth until the mid-1970s, began a process of continuous decline. The extreme dependence on state support of the many protected industries exacerbated the sharp fall of the industrial output. The degree of industrialization at the start of the 1990s was similar to its level in the 1940s.


title: Economic history of Argentina

text: In the early 1970s, per capita income in Argentina was twice as high as in Mexico and more than three times as high as in Chile and Brazil. By 1990, the difference in income between Argentina and the other Latin American countries was much smaller.


title: Economic history of Argentina

text: Starting with the Rodrigazo in 1975, inflation accelerated sharply, reaching an average of more than 300% per year from 1975 to 1991, increasing prices 20 billion times.


title: Economic history of Argentina

text: When the military dictatorship finance minister José Alfredo Martínez de Hoz assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies.


title: Economic history of Argentina

text: That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market.


title: Economic history of Argentina

text: After the relatively stable years of 1976 to 1978, fiscal deficits started to climb again, and the external debt tripled in three years. The increased debt burden interrupted industrial development and upward social mobility.


title: Economic history of Argentina

text: From 1978, the rate of exchange depreciation was fixed with a "tablita", an active crawling peg that was based on a timetable to announce a gradually-declining rate of depreciation. The announcements were repeated on a rolling basis to create an environment in which economic agents could discern a government commitment to deflation. Inflation gradually fell throughout 1980 to below 100%.


title: Economic history of Argentina

text: However, in 1978 and 1979, the real exchange rate appreciated because inflation consistently outpaced the rate of depreciation. The overvaluation ultimately led to capital flight and a financial collapse.


title: Economic history of Argentina

text: Growing government spending, large wage raises, and inefficient production created a chronic inflation that rose through the 1980s, when it briefly exceeded an annual rate of 1000%. Successive regimes tried to control inflation by wage and price controls, cuts in public spending, and restriction of the money supply. Efforts to stem the problems came to naught when in 1982 Argentina came into armed conflict with the United Kingdom over the Falkland Islands.


title: Economic history of Argentina

text: In August 1982, after Mexico had announced its inability to service its debt, Argentina approached the International Monetary Fund (IMF) for financial assistance, as it too was in serious difficulties. While developments looked positive for a while, an IMF staff team visiting Buenos Aires in August 1983 discovered a variety of problems, particularly a loss of control over wages affecting both the budget and external competitiveness, and the program failed. With the peso quickly losing value to inflation, the new Argentine peso argentino was introduced in 1983, with 10,000 old pesos exchanged for each new peso.


title: Economic history of Argentina

text: In December 1983, Raúl Alfonsín was elected President of Argentina, bringing an end to the military dictatorship. Under Alfonsin, negotiations started on a new program with the IMF, but they led to nothing. In March 1984, Brazil, Colombia, Mexico and Venezuela lent Argentina $300 million for three months, followed by a similar amount by the United States. That provided some breathing space as it was not before late September 1984 that an agreement was reached between the IMF and Argentina.


title: Economic history of Argentina

text: In 1985, the Argentine austral replaced the discredited peso. In 1986, Argentina failed to pay the debt for several months, and the debt was renegotiated with the creditor banks. In 1986 and 1987, the Austral Plan faded away, as fiscal policy was undermined by large off-budget spending and a loose monetary policy, again falling out of compliance with an IMF program. A new IMF arrangement was reached in July 1987, only to collapse in March 1988.


title: Economic history of Argentina

text: The next move by the authorities was to launch the Primavera Plan in August 1988, a package of economically heterodox measures that foresaw little fiscal adjustment. The IMF refused to resume lending to Argentina. Six months after its introduction, the plan collapsed, leading to hyperinflation and riots.


title: Economic history of Argentina

text: The Peronist Carlos Menem was elected president in May 1989. He immediately announced a new shock program, this time with more fiscal adjustment in view of a government deficit of 16% of GDP. In November 1989 agreement was reached on yet another standby with the IMF, but again the arrangement was ended prematurely, followed by another bout of hyper-inflation, which reached 12,000% per year.


title: Economic history of Argentina

text: After the collapse of public enterprises during the late 1980s, privatization became strongly popular. Menem privatized almost everything the state owned, except for a couple of banks. In terms of service there were indisputable improvements. For example, before the telephone privatization, to get a new line it was not unusual to wait more than ten years, and apartments with telephone lines carried a big premium in the market. After privatization the wait was reduced to less than a week. Productivity increased as investment modernized farms, factories and ports. However, in all cases, there were large outlays of employees. In addition, the process of privatization was suspected of corruption in many cases. Ultimately, the privatized enterprises became private (rather than public) monopolies. Their tariffs on long-term contracts were raised in line with American inflation, even though prices in Argentina were falling.


title: Economic history of Argentina

text: In 1991, economy minister Domingo Cavallo set out to reverse Argentina's decline through free-market reforms such as open trade. On 1 January 1992, a monetary reform replaced the austral with the peso at a rate of 10,000 australs for 1 peso. The cornerstone of the reform process was a currency board, under which the peso was fixed by law at par to the dollar, and the money supply restricted to the level of hard-currency reserves. A risky policy which meant at a later stage Argentina could not devalue. After a lag, inflation was tamed. With risk of devaluation apparently removed, capital poured in from abroad. GDP growth increased significantly and total employment rose steadily until mid-1993. During the second half of 1994, the economy slowed down and unemployment increased from 10% to 12.2%.


title: Economic history of Argentina

text: Although the economy was already in a mild recession at this point, conditions worsened substantially after the devaluation of the Mexican peso during December 1994. The economy shrank by 4%, and a dozen banks collapsed. With the labor force continuing to expand and employment falling sharply along with aggregate demand, unemployment rose by over 6% in 6 months. But the government responded effectively: it tightened bank regulation and capital requirements, and encouraged foreign banks to take over weaker local ones. The economy soon recovered and, between 1996 and 1998, both output and employment grew rapidly and unemployment declined substantially. However, at the beginning of 1999, the Brazilian currency underwent a strong depreciation. The Argentine economy contracted 4% in 1999, and unemployment increased again.


title: Economic history of Argentina

text: Exports grew from $12 billion in 1991 to $27 billion in 2001, but many industries could not compete abroad, especially after Brazil's devaluation. The strong, fixed exchange rate turned the trade balance to a cumulative US$22 billion in deficits between 1992 and 1999. Unable to devalue, Argentina could only become more competitive if prices fell. Deflation came from recession, falling wages and rising unemployment. Interest rates remained high, with banks lending dollars at 25%.


title: Economic history of Argentina

text: The share of public spending in GDP increased from 27% in 1995 to 30% in 2000. Some poorer provinces had depended on state enterprises or on inefficient industries, such as sugar, which could not compete when trade was opened. To quell social unrest, provincial governors padded their payrolls. The government had embarked on a pension reform with costs reaching 3% of GDP in 2000, as it still had to pay pensioners but no longer received contributions.


title: Economic history of Argentina

text: Argentina fell into a deep recession in the second half of 1998, triggered and then compounded by a series of adverse external shocks, which included low prices for agricultural commodities, the appreciation of the US dollar, to which the peso was pegged at par, the 1998 Russian financial crisis, the LTCM crisis and the devaluation of the Brazilian real in January 1999. Argentina did not enjoy a rapid recovery, and the sluggishness of GDP growth fuelled concerns about the sustainability of public debt.


title: Economic history of Argentina

text: In December 1999, President Fernando de la Rúa took office, seeking assistance from the IMF shortly thereafter. In March 2000, the IMF agreed to a three-year $7.2 billion stand-by arrangement with Argentina, conditioned on a strict fiscal adjustment and the assumption of 3.5% GDP growth in 2000 (actual growth was 0.5%). In late 2000, Argentina began to experience severely diminished access to capital markets, as reflected in a sharp and sustained rise in spreads on Argentine bonds over U.S. Treasuries. In December, the de la Rua government announced a $40 billion multilateral assistance package organized by IMF. The uneven implementation of fiscal adjustments and reforms, a worsening global macroeconomic environment, and political instability led to the complete loss of market access and intensified capital flight by the second quarter of 2001. Argentine debt, held mostly in bonds, was massively sold short and the government found itself unable to borrow or meet debt payments.


title: Economic history of Argentina

text: In December 2001, a series of deposit runs began to have a severe impact on the health of the banking system, leading the Argentine authorities to impose a partial deposit freeze. With Argentina no longer in compliance with the conditions of the expanded IMF-supported program, the IMF decided to suspend disbursements. At the end of December, in a climate of severe political and social unrest, the country partially defaulted on its international obligations; in January 2002, it formally abandoned the convertibility regime.


title: Economic history of Argentina

text: The ensuing economic and political crisis was arguably the worst since the country's independence. By the end of 2002, the economy had contracted by 20% since 1998. Over the course of two years, output fell by more than 15%, the Argentine peso lost three-quarters of its value, and registered unemployment exceeded 25%. Income poverty in Argentina grew from an already high 35.4% in October 2001 to a peak of 54.3% in October 2002.


title: Economic history of Argentina

text: Critics of the policy of economic liberalization pursued during the Menem Presidency argued that Argentina's economic woes were caused by neoliberalism, which had been actively promoted by the U.S. government and the IMF under the Washington Consensus. Others have stressed that the main shortcoming of economic policy-making during the 1990s was that economic reform was not pursued with enough determination. A 2004 report by the IMF's Independent Evaluation Office criticized the IMF's conduct prior to Argentina's economic collapse of 2001, saying the IMF had supported the country's fixed exchange rate for too long, and was too lenient towards fiscal deficits.


title: Economic history of Argentina

text: In January 2002 Eduardo Duhalde was appointed president, becoming Argentina's fifth president in two weeks. Roberto Lavagna, who became Minister of the Economy in April 2002, was credited for the ensuing recovery of the economy, having stabilized prices and the exchange rate in a moment when Argentina was at risk of hyperinflation. Since the default in 2001, growth has resumed, with the Argentine economy growing by over 6% a year for seven of the eight years to 2011. This was achieved in part because of a commodity price boom, and also because the government managed to keep the value of the currency low, boosting industrial exports.


title: Economic history of Argentina

text: Néstor Kirchner became president in May 2003. In the mid-2000s, export of unprocessed soybeans and of soybean oil and meal generated more than 20% of Argentina's export revenue, triple the joint share of the traditional exports, beef and wheat. Export taxes comprised 8% to 11% of the Kirchner government's total tax receipts, around two-thirds of which came from soy exports. Taxes on imports and exports increased government spending from 14% to 25% of GDP. However, the import and export taxes have discouraged foreign investment, while high spending has pushed inflation over 20%.


title: Economic history of Argentina

text: An attempt by the Kirchner administration to impose price controls in 2005 failed as the items most in demand went out of stock and the mandatory prices were in most cases not observed. Various sectors of the economy were re-nationalized, including the national postal service (2003), the San Martín Railway line (2004), the water utility serving the Province of Buenos Aires (2006) and Aerolíneas Argentinas (2009).


title: Economic history of Argentina

text: In December 2005, Kirchner decided to liquidate the Argentine debt to the IMF in a single payment, without refinancing, for a total of $9.8 billion. The payment was partly financed by Venezuela, who bought Argentine bonds for US$1.6 billion. As of mid-2008 Venezuela holds an estimated US$6 billion in Argentine debt. In 2006, Argentina re-entered international debt markets selling US$500 million of its Bonar V five-year dollar denominated bonds, with a yield of 8.36%, mostly to foreign banks and Moody's boosted Argentina's debt rating to B from B−.


title: Economic history of Argentina

text: On December 10, 2007, Cristina Fernández de Kirchner became president. In 2008 the rural sector mobilized against a resolution that would have increased the export tax rate on soybean exports from 35% to 44.1%. Ultimately, the new taxation regime was abandoned. Official Argentine statistics are believed to have significantly underreported inflation since 2007, and independent economists publishing their own estimates of Argentine inflation have been threatened with fines and prosecution.


title: Economic history of Argentina

text: In October 2008 President Fernández de Kirchner nationalized private pension funds for almost $30 billion, ostensibly to protect the pensions from falling stock prices around the world, although critics said the government simply wanted to add the money to its budget. Private pension funds, which were first licensed in 1994, suffered large losses during the 1998–2002 crisis and by 2008, the state subsidized 77% of the funds' beneficiaries.


title: Economic history of Argentina

text: The late-2000s recession hit the country in 2009 with GDP growth slowing to 0.8%. High GDP growth resumed in 2010, and the economy expanded by 8.5%. In April 2010, Economy Minister Amado Boudou prepared a debt swap package for the holders of over US$18 billion in bonds who did not participate in the 2005 Argentine debt restructuring. In late 2010, the largest new natural gas deposits in 35 years were discovered in Neuquén Province. The unemployment rate in the third quarter of 2011 was 7.3%.


title: Economic history of Argentina

text: In November 2011, the government laid a plan to cut utilities subsidies to higher income households. By mid-2011, credit was outpacing GDP by a wide margin, raising concerns that the economy was overheating. Argentina began a period of fiscal austerity in 2012. In April 2012, the government announced plans to expropriate YPF, despite the opposition of some energy experts, claiming that YPF's Spanish partner and major holder, Repsol, had not done its duty as to provide the financial support for research and land exploitation, as well as being a bad administrator concerned only in sending profits to Spain and forsaking YPF's economic growth.


title: Economic history of Argentina

text: Rising inflation and capital flight caused a rapid depletion of the country's dollar reserves, prompting the government to severely curtail access to dollars in June 2012. The imposition of capital controls, in turn, led to the emergence of a black market for dollars, known as the "dólar blue", at higher rates than the official exchange rate.


title: Economic history of Argentina

text: By May 2014, private forecasts estimated annual inflation at 39.9%, one of the highest rates in the world. In July 2014, a ruling from a New York court ordered the country to pay the remaining holders of the bonds defaulted in 2001, which by then were mostly American Vulture funds, before it paid any of its exchange bondholders. The Argentine government refused, causing the country to default on its debt again.


title: Economic history of Argentina

text: On December 17, 2015, Macri released the exchange restrictions, which meant, according to the opinion of some, that the peso would undergo a devaluation near 40%. It would be the largest recorded since 2002, when convertibility ended. In January 2016 it was devalued again strongly, climbing to 44 Cents Also, the measure of some products for a contraction of consumption. To top it off, unemployment will reach double digits as a result of current economic measures and the multiplication of layoffs in the public and private sector. Layoffs in the private sector have increased five-fold.


title: Economic history of Argentina

text: In April 2016, monthly inflation in the country rose to 6.7%, the highest since 2002, according to the indicator disseminated by Congress based on reports from economic consultants for the suspension of INDEC indices, decreed in December In interannual terms, inflation reached 41.7%, one of the highest in the world. By 2016, it is estimated that inflation reached 37.4%, the fiscal deficit 4.8% and GDP will fall by 1.9%. In December 2015, in fiscal year 2015, it announced the elimination of export retentions for wheat, maize and meat, while reducing withholding taxes on soybean to 30%, with a fiscal cost of 23,604 million pesos. This led to strong increases in staple products, including oil which increased by 51%, flour 110%, chicken 90%, and noodles 78% among others, and a 50% increase in the price of meat in two weeks. Because of the new prices of cereals, which increased by about 150%, many producing pigs are in crisis. The removal of the retentions has caused the cost of corn to increase by 150% and soybean by 180%. It is estimated that in the province of Buenos Aires alone 40 thousand pork producers would be in crisis.


title: Economic history of Argentina

text: One of Macri's promises during the 2015 campaign was the elimination of Income tax for workers, saying "During my government workers will not pay tax on profits". The Minister of the Economy and Public Finances, Alfonso Prat-Gay said that the draft amendments to the income tax will be sent to Congress for treatment on March 1, 2016. , Macri had not fulfilled his promise, and it was not in the government's plan to eliminate the Income tax in the future either.


title: Economic history of Argentina

text: Among the most notorious vulnerabilities of the current administration is an extremely high inflation rate, which, in the middle of the current economic crisis, is still strangling the urban and rural, less-privileged population: although it was seen as coming down from the astounding 40% of 2016, it was expected to be of only 17% in 2018, from 27% in 2017 (while the government and the Central Bank said it was expecting a 17% inflation rate for the whole year of 2017). Other vulnerabilities include an unemployment rate close to 9% (and expected to be in two digits in the next two years), as well as the sharp rise in the current-account deficit, which is likely to be around 3% to 4% of GDP in 2017–2018 thanks to an over-valued currency. Forecasts from the IMF show GDP growth backsliding a little in 2018, decelerating to 2.5% from 2.75% this year, and clearly any halting of the cyclical upswing in the global economy would set the country back.


title: Economic history of Argentina

text: The Nobel prize-winning economist Simon Kuznets is said to have remarked that there were four types of countries: the developed, the underdeveloped, Japan, and Argentina.


title: Economic history of Argentina

text: According to Di Tella and Zymelman (1967), the main difference between Argentina and other settler societies such as Australia and Canada was its failure to seek adequate alternatives to compensate for the end of geographical expansion with the definitive closing of the frontier. Solberg (1985) noted the differences between the land distribution in Canada, which led to a rising number of small farmers, and the small number of landowners each with large areas of land in Argentina.