With Argentina mired in its largest economic crisis in history, a proposed devaluation of the currency that for 10 years has been Latin America’s strongest was given an approval by the Argentine Congress allowing the government to sharply devalue the currency in the midst of a deepening economic crisis due to the default on its $142 billion national debt which ended the country’s 11 years old peg of the peso to the US dollar. Argentina embraced US-style capitalism and adopted US-backed economic reform in the 1990s in the form of a fixed-currency system and unbridled free-market policies. An exchange rate of one-to-one with the dollar had been fixed by the law and every peso from the centra

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American European, Argentine Congress, Immanuel Wallerstein, IMF Argentina, Crisis Argentina, US-backed IMF, Latin America’s, world system, System Theory, economic crisis, dictated capitalist core, malcolm 2001, dictated capitalist, capitalist core, argentina qualify, global dominant,