The Great Depression dealt Argentina a substantial blow as demand for its agricultural exports dried up amid the global implementation of protectionist trade policies. During the economic turmoil, the military staged a coup against the democratically elected president Hipólito Yrigoyen, ushering in a decade of conservative rule followed by another coup in 1943.

Inflation began to soar under populist president Juan Perón, whose nationalization efforts and protectionist measures were blamed for the economic slump. The military launched another coup d’état, implementing tight monetary policy and cuts to public spending.

After 20 years’ worth of failed attempts to restore economic stability, popular protest swept Perón back into the presidency in 1973, but he died just a year later, leaving the country in the hands of his third wife, Isabel Perón. The military overthrew Isabel in 1976 and established a junta, which promptly introduced a slate of neoliberal reforms and austerity measures that failed to quell skyrocketing inflation.