The Origins and Legacy of a Currency Board in Argentina

This is a qualitative case study of the adoption of a currency board in Argentina in 1991. It presents a discursive analysis and intellectual history of four overlaying and mutually influencing stories of Convertibility’s adoption. It is (1) the story of how Menem aligned himself to the Washington Consensus as a means to win a Presidential election. This ideological alignment influences and is influenced by a (2) reconstitution of the Peronist Party’s historically entrenched identity. This in turn re-fashion the whole system of interest articulation and relative power of interest groups in Argentina. The adoption of a currency board also marks the pace of (3) the entrenchment neoliberal interests across a domestic network of neoliberal think-tanks, technocrats, politicians, and “technopoles” articulating neoliberal interests outside of the Washington Consensus, within an International Neoliberal Network. Argentina’s adoption of a currency board falls in line with the Corner Solutions, a neoliberal doctrine promoted to influence developing countries to adopt two forms of exchange rate regimes that allow for less government involvement, including a currency board. Argentina starts as a test country and then becomes (4) an ideological stepping stone to help promote the creation of currency boards across more “developing” countries. These stories are not sequential but concurrent, and they help advance an alternative critique of neoliberalism that focuses on specifics to induce case-specific lessons versus a theory claiming to provide any universal truth.

`A Reporter's Paper': The National Thrift News, Journalistic Autonomy and the Savings and Loan Crisis

Business journalism comes under persistent criticism for serving its historic readership of brokers and business people while lacking sufficient autonomy and failing to sufficiently question or challenge powerful corporate and economic interests. This is a dominant theme in media criticism of the savings and loan crisis⁠ and 2008 financial crisis.⁠ Against this backdrop, this dissertation asks: Is this critique valid, and if so, how can business journalism improve? To engage these questions, this dissertation examines the question of autonomy in business journalism in an unlikely place: the trade press. The central case study is coverage of the savings and loan crisis by the National Thrift News, a small financial services newspaper that won a George Polk award for its reporting in 1988. How could a small trade newspaper succeed in some instances when larger news organizations failed to connect the dots? The National Thrift News created a newsroom environment that celebrated reporter autonomy and independence. In some cases, it used its insider knowledge and consistent beat reporting to serve both its core readers and the broader society by uncovering savings and loan corruption. This study will highlight a long-running debate among theorists of journalistic professionalism by arguing that the commercial and advertising model in journalism does not inevitably compromise journalistic independence⁠ but rather can help pave a way forward for a more independent press. It therefore challenges the political economy critique of journalism, which holds that external forces such as capitalism harm press independence. This case suggests journalistic independence and individual agency remain powerful forces in newsrooms. Lastly, the dissertation argues that in an era of media downsizing, the trade press can perform an even more useful watchdog role over industry if the mainstream news media acknowledges and pursues some of the innovative trade reporting.