This is a summary of Argentine economic history of the last 60 years. It`s still valid at present.
On the Maelstrom edge…

@Mathias: You’re welcome.

The austrian-born north-american economist, writer and teacher Ludwig von Mises, who as we informed arrived yesterday in the early morning from New York to this capital, talked about his activities in this capital*.

Doctor Mises, who was born in Austria and went to live in the United States in 1940, is a member and consultant of the Foundation for Economic Education in Irvington-on-Hudson, New York, since 1946. He is also teacher at the business administration school of the University of New York and author of many books about economic subjects translated to spanish, among others, “Theory of money and credit”, “Omnipotent government” and “The anti-capitalist mentality”.

He also pronnounced disertations about themes of his speciality in Great Britain, Holland, Germany, France, Italy and other countries.

As we have already informed, in this capital he will give a series of conferences about themes of his speciality in the Faculty of Economic Sciences with the sponsorship of the “Centro de Difusión de la Economía Libre” (Center for the Promotion of the Free Economy) presided by Mr. Alberto Benegas Lynch.

Free Enterprise
The visitant said that he “deeply believes in the benefits of free enterprise”, and considers that “only a free market economy can resolve the problems of the current world, in the national as well as in the international level, including – he added – the one of peace between nations”.

Doctor Mises insisted that “most international conflicts could be eliminated by the general acceptance of the principles of free trade and the conditions of a free economy”.

Inflationary Policies
He later talked to us about the problem of inflation, expressing that “the most unfortunate factor in the current economic structure of western countries is the one constituted by the inflationary policies that in greater or less degree are practiced in all of them, including the United States”.

He mentioned the unbalance of government budgets, and “how governments, in order to tackle their deficits, appeal to tax increases. When taxes are not enough, because taxable sources are exhausted, they embrace the policy of monetary emission without backing collateral, falling in spiralling inflation, a process that – if not tackled – leads to a real maelstrom”.

Doctor Mises alluded to some monetary signs, in an accentuated depreciation tendency.

De Gaulle’s policy
In reference to the reactions against the inflationary process, he remarked the “healthy reaction in France, where General de Gaulle tries to fight against the budget deficit, aiming to restore the finances of his country”. He added that “maybe he will find imitators in other western countries” and he clarified that his approval of the gaullist policy concerned the mentioned financial aspect.

West Germany and inflation
He added later that “regarding this, the French government is applying the policy adopted with success by doctor Adenauer’s government in West Germany”. He laso said that “the economic measures that the german government took to this effect, were taken against the will of the occupying western potencies, only after they were applied it was seen how benefitial they resulted for the consolidation of a healthy currency and the german economic development”

Healthy currency
He expressed later that “the other nations of western Europe are also in a healthy currency policy and they have found, through this path, the way of combating the ills of inflation, realising that only with this financial policy a solidly funded economic development can be carried forward”.

United States development
Dr. Mises also talked about “the enormous development reached by the United States” and how “the system of free enterprise is what has allowed this progress, prosperity and way of life”.

He also expressed that “many admire the portentuous achievements of that country, but not all see – or at least fully consciously – how they are the result of the free enterprise system and free individual activity”.

Argentinian recovery
We later asked the visitor about Argentina’s economic troubles and the possibilities of a recovery, and he stated to us that “at the end of the last world conflagration, other countries found themselves in far worse conditions and with much more serious problems than Argentina faces today and they were able to recover and even develop a flourishing economy”.
He pointed out the importance of the financial aspect in every economic recovery program, and repeated the “need to combat inflation”.
Finally he told us about the conferences he will give in the next days, and how these and other economic themes will be discussed there.

Today He Will Give the First Conference
Doctor von Mises will give his first conference today at 7:15 PM in the assembly hall of the Faculty of Economic Sciences where he will talk about “The Industrial Revolution’s and Capitalism’s achievements”. The dean of the faculty, doctor William Lesley Chapman will open the act and Mr. Alberto Benegas Lynch, president of the Center for the Promotion of the Free Economy will introduce the speaker.

Doctor Mises will talk in english, headsets will be provided to the participants that ask for them to listen to the simultanous translation to spanish. It will also be possible to listen to this through loudspeakers in an adjacent classroom.

The visitor will give other five conferences at the same time and place the days that follow:

Thursday 4: “Socialism and the free market economy”

Monday 8: “Government and the market economy. The role played in the improvement of the worker’s standard of living by the progressive accumulation of capital on one side, and by sindicalism and legislation on the other”

Wednesday 10: “Inflation: its meaning and its effects”

Friday 12: “Economically advanced nations and less-advanced nations. The function of foreign trade and foreign investment”

Monday 15: “The economic policy for a free and peaceful world”.

* (Translator’s note) “This capital” refers to Buenos Aires.