In the Spring of 2002, Argentina Was Forced to Devalue

question 124

Essay

In the spring of 2002, Argentina was forced to devalue its peso and disband its currency board that was responsible for the fixed exchange rate between the peso and the U.S.dollar.Explain the origin of this crisis and the painful remedies that Argentina has had to endure.

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Definitions:

Inequalities of Wealth

Disparities in the distribution of assets and wealth across individuals or groups within a society.

Contractually Bound

Obligated by a contract to act in accordance with its terms.

Kinship Network

A web of social relationships that form an important part of the social structure in many societies, emphasizing blood ties and marital connections.

Social Institution

A complex, integrated set of norms and structures that dictate how individuals in a society interact and organize around fundamental needs and purposes, like family, education, and religion.