For two decades, Argentina ranked among the richest nations in the world. It had the world’s highest GDP per capita in 1895 and remained in the global top 10 until around 1920. Today, it is weighed down by massive debt and is often regarded as one of the most dramatic economic declines in modern history. Between the late 19th and early 20th centuries, Argentina emerged as one of the richest countries in the world. Its rapid rise was driven by booming exports of beef, wheat, and wool, major British investment in railways and ports, and one of the largest waves of immigration in modern history. From 1881 to 1930, about 5.8 million immigrants arrived, primarily from Italy and Spain, with millions more coming from France, Germany, Eastern Europe, and the Middle East. Italians became the largest immigrant group, and today an estimated 60% of Argentines have at least some Italian ancestry, leaving a lasting mark on the country’s language, cuisine, architecture, and culture. At its peak, Argentina had the world’s highest GDP per capita in 1895 and remained among the world’s 10 wealthiest nations until around 1920. Buenos Aires grew into one of the globe’s great cities, with a higher proportion of foreign-born residents than New York at the time. Over the following century, that prosperity gradually unraveled. The Great Depression, repeated military coups, protectionist economic policies, chronic inflation, sovereign debt defaults, and recurring financial crises steadily weakened the economy. During the Cold War, U.S. support for Argentina’s military dictatorship, along with the influence of the International Monetary Fund—where the United States is the largest shareholder—also played a role in shaping the country’s economic trajectory. Today, Argentina remains a cultural powerhouse in Latin America, but it is also widely regarded as one of history’s most striking examples of long-term economic decline.(Historic Vids)