
Globalization | 585
We are now being told to do exactly what had failed to click in that model
country. The only exception was the convertibility of rupee, which the foreign
experts had dropped after the collapse of the Asian Tigers. In Argentina, free
facilities to foreign investment for a decade did not improve its industrial growth in
any measure. The FDI was confined to primary production like mining, oil and gas,
and of course, automobile.
The privatization programmes had little eect on the industrial production
except helping the government to fill the budgetary gap. It also tried all other routine
remedies— liberalization of imports, full ...