Money, politics and the possibility of a mode of regulation based on the internal market 1

In the 2000s, Argentina and Brazil experienced a marked acceleration of growth through a simultaneous increase in domestic and international demand and exports – above all primary goods but also manufactured ones, though to a lesser extent. The dynamism of consumption observable in both countries between 2003 and 2014 contrasts with the two preceding decades when near-stagnation linked to high volatility. This chapter analyses whether these new data may or may not be considered as the beginning of a transition to a new mode of development with the internal market as the driving role of the growth which it had for half a century under the impetus of a policy of industrialization by import substitution.