The results of the elections in the Arguntine are a serious blow for the bourgeoisie in that country represented by Frondizi. The Peronista candi ates who won 45 seats in the Chamber and 35% of the votes are no frionds of the social rovolution but in a confused way reflect the profound popular resentment: against Frondizits policies.
To reduce the cost of Argentine's imports, particularly in fueis, Frondizi ha’ relied upon American loans to develop Argentine's oil industry (the "“sorvicing" of foreign loans further burdens the Argentine economy). Foreign money is also behind the new steel and car industries.
Steadily Frondizi has followed the straight path of a class offensive against the Argentine working class but it is certainly not their role to be sacrificed in the intorests of "balanced" trade and inflation. By 1959 Frondizi had removed all price controls and has turned to such devices as the International Monetary Fund and the World Bank for loans, The latter stipulated a rationalisat— jon of the railways (involving tho dismissal of 70,000 railway workers) which last April led to a six weeks strike ending in a partial defeat for the workers.
Argentine capitalism is in a difficult position, economic growth involves heavy imports at high world prices and oxports have not een able to keep pace. It is not as though the terms of trade are as faveurable as in the immediate post war period. Thus it has been stated that the cost of living has already risen by 600% since 1955.
Frondizi has been increasingly tied to American imperialism — despite prevarications over Cuba at the recent meeting of American states, The conserva tism of the regime can be seen particularly in the agricultural sector whore no real agrarian reform has been undertaken involving the broaking up of ths large estates.
It is unlikely that there will be any halt to this political and economic crisis which is rooted in the weakness of the Argentine bourgeoisie. The Peronista fog is still influential with large masses of the workers and will not be dispersed immediately, but Frondizi's “respectable” front develops its own Bonapartism, with the army hovering not only in the background but in theo foroground also. Perpetual crisis whether under the Porans or the Frondizis is an excellent demystifier of the workers.
Only a programme basod upon a nationalised economy, monopoly of foreign trade, diversification of the economy and expropriation of the large estates will help to solve Argontina's pressing cconomic probloms, starkly reflected in every regime sinco the end of the second world war.