Abstract
On the evening of 14 May 1989, hours after Argentina had held its first elections for a presidential succession in 60 years, the atmosphere at the Buenos Aires headquarters of the Unión del Centro Democrático(UCEDE) was lugubrious. The electoral news flowing into the computer terminals harbingered a resounding victoiy for Carlos Menem, the Peronist presidential candidate, and a remote third place showing of 6% for Alvaro Alsogaray, the presidential candidate of the young conservative party. Even in the capital city of Buenos Aires, where the UCEDE had led in the polls for congressional elections right up to election day, it trailed in third place. Would-be congressmen wandered the headquarters floor bewildered.

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