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" ... Perón’s first presidency caused fundamental changes in Argentine society that have been responsible for the embedment of inflation to this day. His economic nationalism encouraged him to establish state-owned enterprises, which have been one of the main sources of government quasi-fiscal deficits (i.e., public sector deficits generated outside of the government’s budget). Since the beginning of Perón’s first presidency, state-run enterprises were overstaffed with political appointees who lacked the managerial skills and experience needed to make them profitable. The lack of will by Perón’s government to correct the mismanagement of these enterprises and to reduce their staff to sustainable levels translated into recurrent losses. Losses in state-owned enterprises coupled with huge government expenditures in public works, welfare programs, armaments, construction of military bases and arms factories, salaries of civil servants and the military, and purchases of public service foreign companies gave rise to government deficits that were funded by Argentina’s central bank through the emission of money. ... "