Economy

Argentina became more industrialized during and after World War II, coming out of the war with a $1.7 billion surplus. Around this time, manufacturing overtook agriculture as Argentina's most profitable industry.

When President Juan Perón came to power in 1946, he suspected a third World War was imminent, given the volatile state of the world after the first two. He therefore attempted to make Argentina much more independent financially. Perón began to nationalize several formerly private industries, including railways, public transportation systems, and education. Perón also set up the IAPI, an organization to purchase Argentina's agricultural products. It quickly became an important source of revenue, but when crop prices fell and the IAPI became more corrupt in its practices, an economic crisis occurred. Though Perón toned back his aggressive economic policies, in 1958 Argentina elected a much more moderate administration.