He entered business, becoming an important contractor for State enterprises such as FAMA (a predecessor of flag carrier Aerolíneas Argentinas), and briefly served as its director during the presidency of Juan Perón, whose populist politics and policies would later be anathema to Alsogaray's thinking.

[5] Declaring that the economy "must go through winter",[6] the austerity measures were a boon to exporters - but caused consumer prices to double in 1959, and real wages and construction to fall by about 20%.

[7] The resulting trade surplus and pro-growth policies pursued by Frondizi's point man on the economy, Rogelio Frigerio, both contributed to a robust recovery in 1960 and 1961.

[8][9] Frondizi's efforts to mediate differences between the United States and Cuba ultimately resulted in a March, 1962, coup d'état, and Álvaro Alsogaray was able to use the influence of his brother, General Julio Alsogaray, to secure several ministerial and planning posts under Frondizi's military-appointed successor, Senate President José María Guido.

Reintroducing many of his restrictive 1959 policies, as well as nearly worthless "Ninth of July" bonds, which were issued in lieu of cash payments to public employees and government contractors, the economy again slipped into severe recession; the trade balance improved, albeit the cost of depressed business investment.

Finding allies in conservative business and media interests, the powerful Roman Catholic Church, and his influential brother Julio, Alsogaray and other Illia opponents were successful.

Continuing to enjoy a measure of support in Buenos Aires' affluent northside, he and his daughter María Julia Alsogaray were elected the only two national deputies for the UCeDé in 1983, and he served until 1999.

Argentine Senators were indirectly elected at the time, and Alsogaray's endorsement in the electoral college gave Vaca the seat, despite the latter's coming in second to centrist UCR candidate Fernando de la Rúa.