Lessons from the Rise and Fall of Middle Powers:The Case of Argentina
Argentina has a unique development history in the world,and the Olsen proposition has a strong explanatory framework for its rise and fall.Argentina's economic prosperity was mainly Smithsonian dynamic growth,driven by factors such as the expansion of arable land,the attraction of European immigrants,and the trade with Britain.However,the strategy of import substitution industrialisation failed to bring forth a transformation towards Schumpeterian innovation-driven growth.It became clear that the path dependency on the colonial legacy and the land rent system had major institutional implications in the historical process of Argentina's development.The mystery of Argentina's middle power development model has been a fascinating academic topic.This paper categorises the"mystery of Argentina"as a case of the rise and fall patterns of middle powers,defining Argentina's decline as a scenario of failure in the public goods game,which can roughly describe the historical logic of Argentina's economic evolution.From the perspective of the public goods game,the historical lessons of Argentina's rise and fall as a middle power were mainly reflected in the insufficient supply of public goods in functional areas such as politics,finance,industrial transformation and diplomacy.Argentina once emerged as a middle power,but its limited national capabilities meant that it had to rely for a long time on the public goods provided by hegemonic powers.However,its dependence on hegemonic powers severely limited Argentina's strategic autonomy during the various rounds of international transition.Argentina always faced difficulties in terms of path dependency,external strategic adjustment pressures,and domestic coordination among interest groups.Although Argentina's position as a middle power has declined,its development potential and its international influence should not be neglected.
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