Indizada en: SciELO, Scopus, Academic Search Complete, Clasificación Integrada de Revistas Científicas Grupo C, Directory of Open Access, Journals (DOAJ), Latindex-Catálogo. This article analyses the relationship between state policies and the economy in Argentina 1991-2001. In 1991 the monetary regime named Convertibility was implemented by the currency board (´caja de conversion´), within the framework of profound neoliberal reforms introduced by the State. These neoliberal reforms facilitated capitalist restructuring, characterized by a leap in productivity, investment and profits. Likewise, these reforms generated imbalances which, along with the changing conditions in the world market from the end of 1998, led to the deepest crisis in Argentina?s history. The inefficiency of state policies in managing the crisis led to an economic depression and a financial crash, sparking a mass rebellion and the end of convertibility.