Financialization of firms strategies in argentine primary production during the kirchnerist governments (2003-2015)

Abstract This paper analyzes the accumulation strategies of primary producers in Argentina from 2003 to 2015. We compare the economic surplus of these sectors and how it is used to increase productive capacities, financial investment and capital flight, as well as changes in the composition of assets. We use aggregate data on the whole formal economy provided by the Argentine tax agency. Accounting data from the primary sectors’ largest companies is also presented. We conclude that because firms have financialized accumulation strategies, productive investment is subordinated to strategies that prioritize liquidity and capital flight, causing a process of “investment reticence”. Therefore, we discuss the role of these primary sectors in promoting national economic development, as is suggested by different economic perspectives.

摘要 本文分析了2003年至2015年阿根廷初级生产者的积累策略。研究对比了各初级部门的经济剩余，及其用于提升生产能力、金融投资与资本外逃的分配路径，同时考察了资产构成的变化情况。本研究采用阿根廷税务机构发布的全国正规经济汇总数据，同时呈现了初级部门头部企业的会计核算资料。研究结论表明，由于企业采取金融化的积累策略，生产性投资让位于以流动性保障与资本外逃为优先目标的战略，进而引发了“投资迟疑”（investment reticence）的发展过程。据此，本文结合不同经济学视角，探讨了初级部门在推动国民经济发展中所扮演的角色。