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¹⁴ The ten sectors are textiles, metallurgy, paper, matches, cement, glass, brewing, to bacco, soap and candles, and burlap sacks. Information for this data set of 1,282 directors comes from a variety of primary and secondary sources. All fifty-nine companies under study were public corporations whose records were available in business and finance journals of the time. The most important of these records were company bylaws, directors' and stock holder reports, and financial statements, and they are available in three publications: Monitor de sociedades anónimas; Boletén oficial de la bolsa de comercio de Buenos Aires; and Boletén oficial de la República Argentina.

¹⁵ “Bolsa de comercio de Buenos Aires: Historia de la jurisdicción y prácticas comerciales desde la época del Virreynato,” donated by Luis Colombo to Biblioteca Nacional, 1935; British Chamber of Commerce in the Argentine Republic (Incorporated), annual reports for the years 1920–30.

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¹⁷ Foreign investment represented nearly 50 percent of GDP. , Taylor, “Capital Accumulation.”Google Scholar See also Lanciotti, Norma, “Foreign Investments in Electric Utilites: A Comparative Analysis of Belgian and American Companies in Argentina, 1890–1960,” Business History Review 82 (Autumn 2008): 503–28CrossRefGoogle Scholar.

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³² , Sanz-Villarroya, “Economic Cycles,” 562.Google Scholar

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³⁴ From 1919 to 1932, investment represented 16 percent of GDP, and “its correlation with GDP [was] 0.88, greater than that of any other variable.” Ibid., 564.

³⁵ Ibid., 562.

³⁶ The Caja fixed the rate of one British pound to 5.04 Argentine gold pesos. The paper peso was pegged to the Argentine gold peso at a rate of 2.27 (11.45 paper pesos was equivalent to one British pound). Argentina had a two-currency system. The paper peso was used for domestic trade, the gold peso for international trade.

³⁷ , Suzigan, Industria brasileira.Google Scholar

³⁸ “La industria argentina: Lo que dicen las cifras,” Boletén de la Unión Industrial Argentina 22 (15 Jan. 1909): 1–2.Google Scholar

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⁴³ By 1926, for example, Argentina's railroad network accounted for 43 percent of railroad track in South America . Times Book on Argentina (London, 1927), 4Google Scholar.

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⁴⁵ , Suzigan, Indústria brasileira, 85–86.Google Scholar

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⁴⁷ Tafunell, Xavier, “On the Origins of ISI: The Latin American Cement Industry, 1900–1930,” Journal of Latin American Studies 39, no. 2 (May 2007): 299–329, 301–4.CrossRefGoogle Scholar

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⁴⁹ Richter, Ralf, “Technology and Knowledge Transfer in the Machine Tool Industry: The United States and Germany, 1870–1933,”Google Scholar unpublished paper presented at the 2007 Economic and Business Historical Society Conference, Providence, Rhode Island, April 2007 ; Mazzoleni, Roberto, “The Organization of U.S. Machine Tool Distribution in Europe (1890–1916),” Industrial and Corporate Change 11, no. 1 (2002): 53–84CrossRefGoogle Scholar.

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⁵⁴ Tella, Di and , Zymelman, Los ciclos económicos, 172–73Google Scholar . Law 11281 of 1923 raised tariff levels across the board for all finished consumer goods produced in the country. The rate varied according to product, ranging from 35 percent to 50 percent, but some products had specific duties on them, which led to an even higher rate.

⁵⁵ “Premios a la elaboración de hierro,” in Diario de sesiones de la Cámara de Diputados: Sesiones extraordinarias 5 (8 Jan. 1919): 45–51.Google Scholar

⁵⁶ “Prestamos a establecimientos industriales,” Diario de sesiones de la Cámara de Diputados 2 (4 July 1919): 682–83.Google Scholar

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⁵⁸ Solberg, Carl, The Prairies and the Pampas: Agrarian Policy in Canada and Argentina, 1880–1930 (Stanford, Calif., 1987), 191.Google Scholar

⁵⁹ In the late nineteenth century, as a law student, LeBretón wrote his thesis on the topic of patents. In 1900, he established Argentina's longest-running magazine on patents, Patentes y marcas: Revista Argentina de la propiedad intelectual e industrial.

⁶⁰ , Solberg, The Prairies and the Pampas, 212.Google Scholar

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⁶³ Ibid.

⁶⁴ Massel, J. A., “Markets for Machinery and Machine Tools in Argentina,” Special Agent Series, no. 116, Department of Commerce (Washington, D.C., 1916)Google Scholar ; Motz, Frank H. von, “Markets for Agricultural Implements and Machinery in Argentina,” Special Agent Series, no. 125, Department of Commerce (Washington, D.C., 1916)Google Scholar.

⁶⁵ “Lockwood, Greene, y Co., Inc. á Carlos A. Tornquist,” letter dated 13 Aug. 1924, available at Biblioteca Tornquist, Buenos Aires, file no. industrias 144-8271.

⁶⁶ Department of Overseas Trade, The Market for Paper and Paper Products in the Argentine Republic (London, 1920), 11.Google Scholar

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⁶⁸ Ibid., 603, 601.

⁶⁹ Haber, Stephen H., Industry and Underdevelopment: The Industrialization of Mexico, 1890–1940 (Stanford, Calif., 1989)Google Scholar ; Beatty, Edward, Institutions and Investment: The Political Basis of Industrialization in Mexico before 1911 (Stanford, Calif., 2001)Google Scholar.

⁷⁰ , Beatty, Institutions and Investment.Google Scholar

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⁷⁵ Ernesto Tornquist y Céa. Ltda. y sus compañéas afiliadas: Breve Historia (Buenos Aires, 1932)Google Scholar ; Gilbert, Jorge, “Los negocios del holding Tornquist,” in Prosperidad y miseria. Contribuciones a la historia económica argentina, ed. Villarruel, José (Buenos Aires, 2004), ch. 4Google Scholar.

⁷⁶ Quien es Quien (1939).

⁷⁷ Database of 1,282 directors.

⁷⁸ Iron and scrap-iron shortages were due to the absence of iron deposits in Argentina and to the export of scrap iron in the 1920s. “Cantábrica,” memoria del directorio, Boletén oficial de la bolsa de comercio de buenos aires (10 Oct. 1927): 838–39.

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⁸¹ Bárbero, Maréa Inés, “Treinta años de estudios sobre la historia de empresas en la Argentina,” Ciclos 5, no. 8 (1995).Google Scholar

⁸² , Casson, “Entrepreneurship and Business Culture,” 43.Google Scholar

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⁸⁵ Kim, Linsu, Imitation to Innovation: The Dynamics of Korea's Technological Learning (Boston, 1997), 5.Google Scholar

⁸⁶ , Schvarzer, Empresarios, 50.Google Scholar

⁸⁷ The labor issue was important because Congress was passing a number of labor laws to protect women and children, reduce labor hours per week, set minimum wages, and create pension funds. Manufacturers alleged that these laws lowered labor's productivity and would result in inefficient production . , Schvarzer, Empresarios, 50Google Scholar.

⁸⁸ Colombo, Luis, “El Problema Actual,” speech given at the Rotary Club, 9 Feb. 1931Google Scholar . Printed in Boletén de la Unión Industrial Argentina 44 (Feb. 1931): 27Google Scholar . Both the primary and secondary literature can be used to assess the outcome of the tariff debate. See Alejandro, Déaz, “The Argentine Tariff, 1906–1940”Google Scholar ; , DorfmanHistoria de la industria argentinaGoogle Scholar ; , Ferrer, La economéa argentinaGoogle Scholar ; , Schvarzer, Empresarios, 31–32Google Scholar ; , Solberg, “The Tariff and Politics in Argentina”Google Scholar ; , Coatsworth and , Williamson, “Always Protectionist?” 205–32Google Scholar ; , Lewis, “Immigrant Entrepreneurs,” 99–100Google Scholar ; , Hora, “La polética económica del proteccionismo”Google Scholar ; , Rocchi, Chimneys, ch. 7Google Scholar.

⁸⁹ Sagarna, Antonio, “Comisión asesora de la enseñanza industrial,”Google Scholar and Colombo, Luis, “Las escuelas industriales del Colegio Pio IX,” Boletén de la Unión Industrial Argentina 41 (Jan. 1928): 845–48Google Scholar ; “Enseñanza industrial,” Boletén de la Unión Industrial Argentina 41 (Feb. 1928): 893–94Google Scholar.

⁹⁰ Law 11544 of 1929, for example, limited the work day to eight hours per day and forty-eight hours per week. Law 11837 of 1934 mandated that all commercial and most industrial enterprises close by 8 PM.

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