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date: 29 June 2022

Dollarization and Crisis in Argentinalocked

Dollarization and Crisis in Argentinalocked

  • Mariano D. PerelmanMariano D. PerelmanNational Scientific and Technical Research Council - CONICET

Summary

Since the early 21st century the US dollar has been a public issue in Argentina, where the dollarization of sectors of the economy has been an ongoing process for some time. Indeed, circulation of the dollar has grown to the point that it is considered the best way to build savings and has a significant influence on daily economic life. Since 1980, the process of dollarization and outbreak of economic crises have been intertwined. This period can be divided into different crises: 1989 was a crisis of hyperinflation, 2001 was a major debt crisis, and the 2011–2015 crisis grew out of a struggle between the middle classes and the government in response to a ban on buying and accumulating dollars in large quantities. This latest round of crisis continues.

Money is a universal measurement of value, encompassing values beyond the purely economic. In Argentina, the US dollar both activates crisis and is activated by crisis. Quotidian rituals have developed and standardized in conjunction with the popularization of the dollar, making it a central object of everyday life in Argentina. Indeed, the dollar provides an excellent starting place for a decently thorough history of contemporary Argentina. By focusing on the relationships and practices that have developed around the dollar, one can begin to understand how flesh and blood people have worked to build dignified lives and ways of living in relationship to one another. The dollar, both as a form of currency and in its demonetarized form, articulates a series of imaginaries about what a life worth living is. The dollar has catalyzed national models and projects. The dollar is a part of the daily experience of large portions of the population. And, when uncertainty grows, the dollar stabilizes.

Subjects

  • Sociocultural Anthropology

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