In 1910s, Argentina was among the top 10 RICHEST countries in the World.
But since then, has defaulted its debt 8 times. Inflation has been uncontrollable, sometimes as high as 5000%. Because of this massive inflation, Argentina has had 5 different currencies in the past 50 years – one modern peso equals ten trillion 1960s pesos.
Argentina possesses definite comparative advantages in agriculture, as the country is endowed with a vast amount of highly fertile land. Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth. During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income. By 1913, Argentina was the world’s 10th wealthiest state per capita.
Beginning in the 1930s, however, the Argentine economy deteriorated notably. The single most important factor in this decline has been political instability since 1930, when a military junta took power, ending seven decades of civilian constitutional government.
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