The Great Depression, Concordancia in Argentina, and Import Substitution Industrialization

991 Words 4 Pages
The Great Depression, which lasted from 1929 to 1939, was a landmark decade that entailed famine, increased suicide rates, and financial shrinkage internationally. Being that the stock market was comprised of international stock, when the crash of October 1929, major banks failed worldwide, causing several countries to suffer from trading losses due to the relationship with the United States at the time. In Argentina, circumstances were intensified by the Concordancia and the political and social turmoil in the country at the time. Import Substitution Industrialization was a tactic used in Argentina and internationally to repair the country’s economy. The depression in the 1930’s in the country of Argentina was one of the most …show more content…
At the time of the Great Depression, Argentina was in a power battle between the government and the radicals. Radical Juan Hipólito Del Sagrado Corazón de Jesùs Irigoyen, also known as Hipólito Irigoyen, took power of the government as president in 1928 with only 45 percent of the votes nationally. He gained the support from small farmers by offering subsides, internal trade unions by settling wage disputes in favor of the people, and the intellectuals of the country by supporting the University Reform Movement. During the depression, the Radicals lost a significant amount of power because no reform was enacted. Previously, President Irigoyen was considered to be an advantage and necessary change within the government; however, during the depression, he was merely representational of a figure head considered to be senile, corrupt, and at fault for the degree and enormity of the crisis. As a result of the public’s newly found opinion, he lost a grandiose amount of support from the labor unions and thus, labor unrest was extremely common. To alleviate the unrest and concern between the civilians and the authority, Irigoyen used public spending as a positive outlet to build up the economy, however, this caused mass inflation. As a result of public violent outcry due to the poor economy, he was eventually overthrown by a military coup in 1930 and General Jose Felix Uriburu took control to demolish the democracy. The

Related Documents

Pieza musical | Mayling Ng | Black Clover