▁to ▁full ▁industrial isation ▁was ▁the ▁lack ▁of ▁energy ▁sources ▁such ▁as ▁coal ▁or ▁hyd rop ower . ▁Exper iments ▁with ▁oil , ▁discovered ▁in ▁ 1 9 0 7 , ▁had ▁poor ▁results . ▁Y ac imientos ▁Pet rol í fer os ▁F is cal es , ▁the ▁first ▁state - owned ▁oil ▁company ▁in ▁Latin ▁America , ▁was ▁founded ▁in ▁ 1 9 2 2 ▁as ▁a ▁public ▁company ▁responsible ▁for ▁ 5 1 % ▁of ▁the ▁oil ▁production ; ▁the ▁remaining ▁ 4 9 % ▁was ▁in ▁private ▁hands . ▁ ▁Ex ports ▁of ▁fro zen ▁be ef , ▁especially ▁to ▁Great ▁Britain , ▁proved ▁highly ▁prof itable ▁after ▁the ▁in vention ▁of ▁re fr iger ated ▁ships ▁in ▁the ▁ 1 8 7 0 s . ▁ ▁However ▁Britain ▁im posed ▁new ▁restrictions ▁on ▁meat ▁imports ▁in ▁the ▁late ▁ 1 9 2 0 s , ▁which ▁sharp ly ▁reduced ▁be ef ▁imports ▁from ▁Argentina . ▁R anch ers ▁respond ed ▁by ▁switching ▁from ▁past oral ▁to ▁a rable ▁production , ▁but ▁there ▁was ▁last ing ▁damage ▁to ▁the ▁Argent ine ▁economy . ▁ ▁Great ▁De pression ▁ ▁The ▁Great ▁De pression ▁had ▁a ▁compar atively ▁m ild ▁effect ▁on ▁Argentina , ▁the ▁un emp loyment ▁rate ▁never ▁went ▁above ▁ 1 0 %, ▁and ▁the ▁country ▁largely ▁recovered ▁by ▁ 1 9 3 5 . ▁However , ▁the ▁De pression ▁perman ently ▁halt ed ▁its ▁economic ▁expansion . ▁Actually , ▁much ▁like ▁other ▁developing ▁countries , ▁the ▁economy