in general, and in Rosario in particular the option market. This will be done through the analysis of the formation of the stock company Mercado General de Productos Nacionales during the first decade of the 20th century. To some extent, we will be making

Abstract

From 1946 on, when Perón reached the power, a new institutional framework was created. Such framework redefined the role of the State in the economy, increasing the power of intervention that it had acquired during the period between the wars and the crisis of the 30's. The economic measures implemented, their nature and the decision taking process in which they originated, gave rise to a long distributive conflict and to the lost of the legitimacy of the political system. There were some measures that were favorable to some people and at the same time prejudicial to some others such as: the politic of full employment and keeping the real salaries; the explicit protectionism in the need of acquiring import permits that were granted at the government discretion; the implicit subsidy to certain industries through the granting of credit at nominal interest rates lower than the inflation; the modification of the Carta Orgánica of the Central Bank, the consequent possible creation of money so as to cover the financial deficit and the inflationary financing; the nationalization of the deposits; the use of funds from the social security system. The beneficiaries formed an implicit coalition that opposed to every change that would modify the status quo; some of the harm ones constituted pressure groups to participate in the distribution, but some others found it difficult to organize themselves and to propose a feasible alternative. That explains why it was so difficult to change this institutional framework once it was established.