in the power of a technocratic “elite” 187 : a cadre of government officials selected on intelligence and merit that could guide the Argentine state during times of political crises. Fundamental to his belief in the power of institutions, this idea would permeate throughout his work in the three institutions that he would shape and lead: the Argentine central bank (Banco Central de la Republica Argentina, BCRA), the Comisión Económica para América Latina y el Caribe (CEPAL), and the United Nations Conference for Trade and Development (UNCTAD). Loosely inspired by the work of Sir Otto Niemeyer, a Bank of England director who “had a godlike reputation in banking and political circles in Buenos Aires,” 188 Prebisch played a crucial role in the successful establishment of the Argentine central bank. At the comparatively young age of thirty-three, he was tasked with designing the new institution and drafting the required legislation. In a departure from the advice Niemeyer had given to other Latin American central banks (which was proving unsuccessful), Prebisch’s central bank legislation was comprised wholly by his own vision of what was required for Argentina’s unique circumstances. It was to be the central actor in the country’s financial and banking system, with a diverse set of functions and far-reaching regulatory powers over monetary policy. Most importantly, Prebisch sought to institutionalise the Bank of England’s enviable autonomy into Argentina’s own central bank. The legislation was a roaring success, and Prebisch’s vision would result in a cr eation devoted “entirely to excellence” 189 – one that was unlike any other public sector institution in Argentina at the time. It is impossible to write about the legacy of Raúl Prebisch without mentioning his influence in the field of international development. Wildly popular in Latin America, it was at UNCTAD, a
187 Dosman, The Life and Times of Raúl Prebisch 1901-1986, page 40. 188 Dosman, The Life and Times of Raúl Prebisch 1901-1986, page 97. 189 Dosman, The Life and Times of Raúl Prebisch 1901-1986, page 100.
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