▁per ▁cap ita . ▁ ▁Begin ning ▁in ▁the ▁ 1 9 3 0 s , ▁however , ▁the ▁Argent ine ▁economy ▁d eter ior ated ▁not ably . ▁The ▁single ▁most ▁important ▁factor ▁in ▁this ▁decl ine ▁has ▁been ▁political ▁inst ability ▁since ▁ 1 9 3 0 , ▁when ▁a ▁military ▁jun ta ▁took ▁power , ▁ending ▁seven ▁dec ades ▁of ▁civil ian ▁constitution al ▁government . ▁In ▁macro e conom ic ▁terms , ▁Argentina ▁was ▁one ▁of ▁the ▁most ▁stable ▁and ▁conserv ative ▁countries ▁until ▁the ▁Great ▁De pression , ▁after ▁which ▁it ▁turned ▁into ▁one ▁of ▁the ▁most ▁un stable . ▁Despite ▁this , ▁up ▁until ▁ 1 9 6 2 ▁the ▁Argent ine ▁per ▁cap ita ▁G DP ▁was ▁higher ▁than ▁that ▁of ▁Austria , ▁Italy , ▁Japan ▁and ▁of ▁its ▁former ▁colonial ▁master , ▁Spain . ▁Success ive ▁govern ments ▁from ▁the ▁ 1 9 3 0 s ▁to ▁the ▁ 1 9 7 0 s ▁purs ued ▁a ▁strategy ▁of ▁import ▁substitution ▁to ▁achieve ▁industrial ▁self - su ffic iency , ▁but ▁the ▁government ' s ▁encourag ement ▁of ▁industrial ▁growth ▁di vert ed ▁invest ment ▁from ▁agricult ural ▁production , ▁which ▁fell ▁dram atically . ▁ ▁The ▁era ▁of ▁import ▁substitution ▁ended ▁in ▁ 1 9 7 6 , ▁but ▁at ▁the ▁same ▁time ▁growing ▁government ▁sp ending , ▁large ▁w age ▁increases ▁and ▁in efficient ▁production ▁created ▁a ▁chron ic ▁infl ation ▁that ▁rose ▁through ▁the ▁ 1 9 8 0 s . ▁The