The Dollar: How the US Dollar Became a Popular Currency in Argentina

Luzzi and Wilkis' book explores the history of the economic, social, and political relevance of the dollar in Argentina and its popularization over the years, providing insight into how it became a local currency beyond its country of origin.

Format: Paperback / softback
Length: 256 pages
Publication date: 01 December 2023
Publisher: University of New Mexico Press

Originally published in Argentina in 2019 and now finally available in English, Luzzi and Wilkis' acclaimed book delves into the historical significance of the dollar in Argentina, exploring its economic, social, and political importance over the years. How did the dollar emerge as a dominant force in Argentina's national existence? How and why did this global currency transcend borders and become a local currency in the Western Hemisphere? By reconstructing the social and cultural history of the US dollar in Argentina, Luzzi and Wilkis offer a unique perspective on this lesser-known chapter of the dollar's history, shedding light on how it became a local currency beyond its country of origin.

The historical relationship between Argentina and the dollar is a complex and multifaceted one that spans several decades. Initially, the Argentine peso was the dominant currency in the country, but in the mid-20th century, the US dollar began to gain traction due to the economic policies of the United States and the need for foreign exchange reserves.

The adoption of the US dollar as the official currency in Argentina in 1991 marked a significant turning point in the country's economic history. This decision was made in response to the economic crisis that had been plaguing Argentina for years, and it was seen as a way to stabilize the economy and attract foreign investment.

However, the adoption of the US dollar also had significant social and cultural consequences. Many Argentineans saw the dollar as a symbol of American imperialism and capitalism, and it was associated with the economic policies that had led to the country's economic decline in the past. This led to a backlash against the dollar and the adoption of alternative currencies, such as the Argentine peso and the Venezuelan bolivar.

Despite these challenges, the US dollar has remained the dominant currency in Argentina to this day. This is largely due to the country's economic dependence on foreign trade and investment, as well as the stability and predictability of the US economy. However, there are ongoing debates about the benefits and drawbacks of the dollarization of the Argentine economy, and there are calls for the country to diversify its foreign exchange reserves and explore other currency options.

In conclusion, the historical relationship between Argentina and the dollar is a complex and multifaceted one that has shaped the country's economic, social, and political landscape over the years. While the dollar has brought stability and economic growth to Argentina, it has also been met with resistance and criticism due to its association with American imperialism and capitalism. As the country continues to navigate its economic challenges, it will be important to consider the long-term implications of the dollarization of the economy and explore other currency options that may be more aligned with the country's social and economic values.

Dimension: 229 x 152 (mm)
ISBN-13: 9780826365392