In this thesis we discuss stratification in Argentina in relation to the process of economic development, divided into two stages, before the World Crisis and between 1929 and 1955. In chapter one we try to make explicit some basic definitions and discuss some of the reasons that justify the selection of our subject and its orientation. In each of the following three chapters we try to isolate those peculiar features of the process of economic development in Argentina which have affected the formation and further evolution of stratified groups, namely, economic, occupational and of status. We define an "economic group" as the set of units of production engaged in a certain economic activity: this activity and the Interests attached to it are what defines a group, not its individual members. Here we discuss the formation of economic groups within specific activities. We conclude that whereas agricultural development favoured the formation of a powerful group, (estancieros), the peculiar course of industrial development obstructed the formation of powerful groups except in a few activities; in the majority of cases these activities belonged either to foodstuffs production or were branches where foreign capital had been invested. "Occupational groups" are defined in terms of role within the economic unit and of the branch of activity to which the unit belongs. Here we try to relate changes in the economic structure to the disappearance of old groups as well as the formation of new ones. Furthermore, we focus our attention on the impact of development on the distribution of income among different occupational groups. The first stage of development is characterized by the formation of middle strata as well as a high rate of occupational mobility. During the second stage occupational mobility continued to be high, particularly for people already located in the middle strata. The most remarkable feature of this stage was the growth of white collar and urban workers. Finally we discuss status groups which are defined as circles of people who share a style of life and because of this a given prestige. We point out how rapid occupational mobility and changes in the material aspects of styles of life have worked against the survival of status groups.

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In the belief that the disappointing rate of growth of Argentina since the 1930s was the consequence of excessive government meddling in the economy, in the mid-1970s the military government took the decision to attempt a radical change in the development strategy: the model of industrialisation based on import substitution was replaced by one based on the conviction that faster economic growth would result if market forces were given free rein, with the State taking a back seat. The de-regulation of the repressed financial system and the opening up of the economy to the world capital markets following the neo-classical principles in vogue at that time was the cornerstone of the new model of accumulation. It was believed that this would lead to higher rates of savings and investment coupled with a more efficient allocation of resources. This study uses the new information economics approach to explain why this experiment culminated in a dramatic financial collapse and generated a severe economic downturn with long-term consequences for the country.

This thesis is a response to the growing recognition that the workings of the financial sphere significantly affect the value of social production, its distribution, and the magnitude of income poverty. The thesis extends a general equilibrium single-country model targeted to a developing economy (the IFPRI Standard Model) to account for the workings of the financial sphere and 'money in the production function', in the tradition begun by Milton Friedman (1969). The models are calibrated and their workings are analysed. It is found that the inclusion of 'money in the production function' by itself only causes financial outcomes to significantly affect the overall level of production and the unemployment rate in the presence of strong wage rigidities. This is explained in terms of the model parameters. The extended model is employed in a stylised static way to identify the short-run stresses generated by current and capital account liberalisation in Argentina during its Currency Board Regime, adopted over 1991-2001, with the finding that in the short-run the volatility of capital flows was transmitted to employment and activity levels. The model is then linked in a sequential way to a behavioural microsimulations model, separating out the different transmission channels involved. It is found that the significant capital outflows witnessed by the country surrounding the end of its Currency Board Regime worsened poverty and inequality indicators in the country, and that the main transmission channel through which the capital outflow had the most distributional impact was the selectivity of labour market rationing.

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