Renationalization in Argentina, 2005-2013

Since 2002, government nationalizations and contractual breaches in general around the world have surged. South America has witnessed a wave of nationalizations of private enterprises, mostly foreign. Some analysts contend that this trend is shaped by the left-wing ideological orientation of the governments, whereas others argue that a more robust explanation is the combination of economic pressure and constraint factors. This article contributes to the debate by using a nuanced institutional analytical framework based on the concept of company versus government opportunism, applied to the recent nationalization of previously privatized companies. It examines Argentina, a country that in the last two decades has seen radical policy reversals, from sweeping privatization of state-owned enterprises in the 1990s to a renationalization effort with some of the same companies in the early 2000s.