The winners of the lost decade. The expansion of the Macri business group during the crisis of the 1980s in Argentina

Abstract

Throughout the 1980s, Argentina experienced a severe economic crisis. Despite this, the domestic business group Grupo Macri acquired the Argentinian subsidiaries of two multinational corporations, Fiat and Peugeot, and subsequently became the country’s leading vehicle producer. At the same time, the group successfully diversified its business through its holding company, Socma, which played a crucial role in its growth. This paper aims to elucidate how the Macri business group managed to expand during the 1980s. The central hypothesis suggests that the group’s success was due to its effective management of both local and foreign combined resources in a context of trade protectionist policies and macroeconomic instability. This strategy enabled it to become the local partner for multinational firms that were hesitant to operate directly in the country. The research employs an integrated approach combining quantitative and qualitative methods, drawing on a range of primary and secondary data sources.