Word: lapis
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...manipulating exchange rates, IAPI bought meat and grains from farmers at low prices, sold the commodities abroad for whatever the traffic would bear. In the famished postwar world, lAPI's profits were immense; it used the income to buy industrial machines and raw materials abroad for resale cheap to Peronista manufacturers. Industry-subsidized, tariff-protected and inefficient, but nonetheless industry-grew 63% between 1943 and 1956. Argentina began or expanded the production of chemicals, canned goods, paint, paper, machine tools, motorcycles, tires, tobacco, plastics, plywood, surgical instruments, steel furniture, motors, matches, cement, batteries, refrigerators, TV sets. At length industrial...
...Europe's war-torn farmlands came back into production, world commodity prices fell. LAPI's income tumbled. Perón had to dip into Argentina's gold and foreign-exchange reserves, a fabulous $1.6 billion piled up during the war, to pay for the raw materials that the new industry was gobbling up. Next, he set the Central Bank's currency printing presses to work. In the chain breakdown...
...sympathetic coverage of charges made in the Chamber of Deputies three weeks ago against IAPI, the official state trading agency. A hard-hitting anti-Perón deputy named Agustin Rodriguez Araya had introduced into the record 40 questions that he wanted to ask the Minister of Economy, lAPI's head. A typical question: "What compelling reasons were there for handing over without payment to the majordomo of the presidential country house 20 jeeps which were later found being used by a morning newspaper [Se-ñora Perón's Democracia...
...trusts. Today the government is doing it, with the difference that then it was done for the trusts' sole benefit, and today the government is doing it for the benefit of the people. This year IAPI made $418 million [a total hard to accept in the light of lAPI's declining sales]. Before the trusts made it. They are not content, but the people should...
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