Secondary Vocational Education and Training has undergone significant transformation in recent decades. Though de-specialisation and differentiation are the main global trends underlying educational reforms, it has been identified that they have had limited impact in Latin American countries. This is the case of Argentina. In recent decades, secondary VET experienced two rounds of reforms. The first one, since the early 1990s, changed academic structure, curricular design and educational planning and management in line with global trends. After the mid-2000s, a second wave of reforms emerged, seemingly reversing the earlier changes and supporting the idea of two opposite phases in educational policy direction. How thoroughly was the first cycle of reforms implemented? Did the second cycle overturn the first one? Why did this second group of policies appear to contradict global trends? Which were the driving forces behind these transformations? The article has a twofold objective. First, to answer these questions and bring insights into VET characteristics of a country with a shared specificity in the Latin American region. Second, it seeks to contribute to educational policy studies based on the critique of political economy analytical approach and methodology. This perspective understands educational changes as a product of material transformations in national fragments of the global capital accumulation process and class conflict and state regulation as necessary political forms for its realisation.