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The emergence of Peronism represented what I have called a switch in Argentina’s developmental path: a thorough restructuring of both the economic and the political institutions of the country. Peronism projected the economy inwards, through a radical form of import-substituting industrialization, and the state downward, via the establishment of an inclusionary corporatist regime. The paper will focus on the centripetal processes that led to the organization of Peronism as a movement and later as a party, based on fragments or groups of individuals extracted from the pre-existing parties; and on the characteristics of the party system during the Peronist regime of 1946-1955.