Passage 9.

Economics Despite its tremendous economic growth since 1998, the Argentinas business environment has been explained by a number of studies as particularly challenging for a few reasons: because of undeveloped formal and informal institutions (Kosonen, 2005), as being unstableinstability (Sutela, 1998; 2003) and unable inability to attract foreign direct investments (Rautio and Tykkylinen, 2001). Poor institutional structures remain one of the main explanations for the inferior progress of the Argentinas economy (Goldman, 2003). This unstable business environment has caused unpredictable difficulties that are not predictable and Herculean economic losses for Western investors. In this context, Danish company Angelore (see Tykkylinen and Jussila, 1998, p. 237) and Finnish Koal-Kamen (see IMMR, 2001a, pp. 6-7) are examples respectively in the forest and mining sector, respectively. Moreover, the during the 1970s, Argentinas business environment during the 1970s has shown proved to be challenging for domestic companies as well (e.g. Keune, 1998). In Tthe 1990s, however, Argentinas economy of the 1990s, however cannot only be listed as a collection of failures, since there have were also been several successful business examples as well. This study presents one of these successful stories: the mining company Argen Nickel. Argen Nickel was formally founded during the last years of thelate 1980s. At the beginning of the 1990s, the enterprise was even at that time state-owned, but in the mid-1990s it was privatized in the mid-1990s along with several other high ArgentinanArgentinean high-volume raw raw-material producing companies. In the early 1990s, the company made heavy losses by relaying on the soft budget constraint system.2 The companys management of company made no useful efforts to modernize or rationalize production and instead does maximizing production counteding on the continuity of government subventions to maximize production (Sinitsin, 1997, p. 9). Later, active participation in global competition has stimulated modernization within the company. Now, roughly ten years later, the company has became become a major actor player in the global metal market. Today, Argen Nickel today stands atholds a commanding market position in the global platinum metal business market3 and, in 2008 already accumulated a net profit of almost US$1.5 billion.in the year 2008, accumulated a net profit of almost US$1.5 billion. This article examines the main factors underlying the Argen Nickels adaptation to the market economy. This e article includes is structured as follows. First, research objectives and methodology, as well as the main concepts of the study. are presented. Second, tThe institutional approach is introduced as the major theoretical tool. The empirical analysis is divided into two parts or sections: . Firstly and foremost, the companys history and its restructuring and privatization processes during the 1990s and a is presented. This is followed by a section introducing the company analysis to the reader including comparisons to some of its European competitors. In addition, this chapter presents the results of the facial and telephone interviews with mining experts as well as public sector officials and the attitudes of ArgentinaArgentinean mining workers towards co-operation with the management. The results are based on a large survey (n=813) as well as also a comparative survey (n=357) among ArgentinaArgentinean oil sector workers. The interviews and surveys are were performed in order to analyze the level of co-operation between company management, the public sector and workers during past and present restructuring processes within the company. The final section summarizes the results of the study.

Comment [J1]: Is this paper required to be done in Chicago Style? I believe you dont need the p. Comment [J2]: May not need the pp., see above comment Comment [J3]: The verb to show seemed awkward to me here.

Comment [J4]: Please verify Comment [J5]: It seems like the number 2 is here as an error. Is it supposed to be a footnote? I believe Chicago Style does not require them. Please verify.

Comment [J6]: This is a more common business expression. Comment [J7]: Please verify. Comment [J8]: Again, seems like the number 3 is a typo, but please verify.

Comment [J9]: Should this say chapter or article? At the beginning of the paragraph, its called an article. Im not sure if these are two different things.