Economic history of Argentina .. Beginning in t
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Economic history of Argentina
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Beginning in the 1930s, however, the Argentine economy deteriorated notably.
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline.[1] Since independence from Spain in 1816, the country has defaulted on its debt eight times[2] and inflation has often been in the double digits, even as high as 5000%, resulting in several large currency devaluations.
Argentina possesses definite comparative advantages in agriculture, as the country is endowed with a vast amount of highly fertile land.[3] Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth.[4] During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income.[4] By 1913, Argentina was the world's 10th wealthiest state per capita.[5]
Beginning in the 1930s, however, the Argentine economy deteriorated notably.[4] 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.[6] In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable.[7] Despite this, up until 1962 the Argentine per capita GDP was higher than that of Austria, Italy, Japan and of its former colonial master, Spain.[8] Successive governments from the 1930s to the 1970s pursued a strategy of import substitution to achieve industrial self-sufficiency, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatical
https://en.wikipedia.org/wiki/Economic_history_of_Argentina
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Beginning in the 1930s, however, the Argentine economy deteriorated notably.
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline.[1] Since independence from Spain in 1816, the country has defaulted on its debt eight times[2] and inflation has often been in the double digits, even as high as 5000%, resulting in several large currency devaluations.
Argentina possesses definite comparative advantages in agriculture, as the country is endowed with a vast amount of highly fertile land.[3] Between 1860 and 1930, exploitation of the rich land of the pampas strongly pushed economic growth.[4] During the first three decades of the 20th century, Argentina outgrew Canada and Australia in population, total income, and per capita income.[4] By 1913, Argentina was the world's 10th wealthiest state per capita.[5]
Beginning in the 1930s, however, the Argentine economy deteriorated notably.[4] 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.[6] In macroeconomic terms, Argentina was one of the most stable and conservative countries until the Great Depression, after which it turned into one of the most unstable.[7] Despite this, up until 1962 the Argentine per capita GDP was higher than that of Austria, Italy, Japan and of its former colonial master, Spain.[8] Successive governments from the 1930s to the 1970s pursued a strategy of import substitution to achieve industrial self-sufficiency, but the government's encouragement of industrial growth diverted investment from agricultural production, which fell dramatical
https://en.wikipedia.org/wiki/Economic_history_of_Argentina
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