Argentina

In 1910, Argentina was a wealthy nation with a gross domestic product (GDP) per capita higher than Sweden, Germany, Italy, and many other countries. It owed its wealth to the export of cereals and beef to European countries, but it was not equally distributed among all. During the 20th century, Argentina continued to grow economically, but this growth was marred by repeated financial crises, unstable currency, capital flight, and high inflation rates because of its vulnerability to international market demand for its commodities, political instability, and poor policy enforcement. All of these issues affected poverty levels. According to World Bank estimates, in 1992, 15.9 percent of the population lived below the poverty level (calculated as people living on less than $4 per day). After the ...