Depression and Recovery in Argentina

Courtesy Reuters

THREE years ago Argentina displayed all the phenomena of the world depression: low commodity prices, unemployment, debtors faced with foreclosure, an unbalanced budget, declining foreign trade. Today she has emerged from the crisis to an extent beyond any other American country.

The depression reached its nadir in South America in the course of the year 1933. It made frightful ravages there because of the catastrophic declines in the price of basic raw materials on the export of which the continent chiefly depends. Recovery has been due to the combined action of a number of factors, some of them measures taken by local authorities, others of them world-wide in operation. The domestic measures grew out of the determination of governments to set their house in order, and comprised a variety of expedients, many of them inspired by the policies of the Roosevelt Administration in the United States. Of much greater importance has

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