Argentina's experience in recent decades as regards employment generation and wages has been very disappointing, and has had clear consequences for income distribution and other social indicators. This study examines the evolution of the labour market, with special emphasis on the 1990s, and also addresses the notable changes that have been taking place in recent years after the crisis of the convertibility regime. In general terms, it finds that the evolution observed in the labour market and income distribution is very closely linked with macroeconomic performance, both in previous phases and in the recent recovery stage. It examines in particular the negative effects of the experiences of trade openness and exchange rate appreciation in the late 1970s and the 1990s, which are in stark contrast with the present situation, especially in terms of employment generation.