page_title: Jorge Rafael Videla
section_title: Economic policy
hierarchical_section_title: Jorge Rafael Videla / Presidency / Economic policy
caption_attribution_description: Argentine dictator Jorge Rafael Videla at the opening of 1976's "Exposición Rural" in Palermo, Buenos Aires El dictador argentino Jorge Rafael Videla en la inauguración de la Exposición Rural en Palermo, Buenos Aires, en 1976.
context_page_description: Jorge Rafael Videla Redondo was a General Commander of the Army, member of military junta and dictator of Argentina for five years.
  He came to power in a coup d'état that deposed Isabel Martínez de Perón. In 1985, two years after the return of a representative democratic government, he was prosecuted in the Trial of the Juntas for large-scale human rights abuses and crimes against humanity that took place under his rule, including kidnappings or forced disappearance, widespread torture and extrajudicial murder of activists and political opponents as well as their families at secret concentration camps. An estimated 13,000to 30,000 political dissidents vanished during this period. Videla was also convicted of the theft of many babies born during the captivity of their mothers at the illegal detention centres and passing them on for illegal adoption by associates of the regime. In his defence, Videla maintained the female guerrilla detainees allowed themselves to fall pregnant in the belief they wouldn't be tortured or executed. On 5 July 2010, Videla took full responsibility for his army's actions during his rule.
context_section_description: As Argentina’s new president, Videla faced a collapsing economy racked by soaring inflation. He largely left economic policies in the hands of Minister José Alfredo Martínez de Hoz, who adopted a free trade and deregulatory economic policy.
  Martínez de Hoz took measures to restore economic growth, reversing Peronism in favour of a free market economy. His economic measures were moderately successful.
  He enjoyed the personal friendship of David Rockefeller, who facilitated Chase Manhattan Bank and International Monetary Fund loans of nearly US$1 billion after of his arrival.
  He eliminated all price controls and the exchange controls regime. The black market and shortages disappeared.
  He freed exports (removed existing prohibitions and quotas and export taxes were repealed) and imports (removed existing prohibitions, quotas, and licenses and gradually reduced import tariffs).
  During his tenure, the foreign debt increased fourfold, and disparities between the upper and lower classes became much more pronounced. The period ended in a tenfold devaluation and one of the worst financial crisis in Argentine history.
caption: Argentine dictator Jorge Rafael Videla at the opening of 1976's "Exposición Rural" in Palermo, Buenos Aires.
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