. ▁ ▁Inter war ▁period ▁▁ 1 9 1 4 – 1 9 2 9 ▁ ▁Argentina , ▁like ▁many ▁other ▁countries , ▁entered ▁into ▁a ▁re cess ion ▁following ▁the ▁beginning ▁of ▁World ▁War ▁I ▁as ▁international ▁flows ▁of ▁goods , ▁capital ▁and ▁labour ▁decl ined . ▁Foreign ▁invest ment ▁in ▁Argentina ▁came ▁to ▁a ▁complete ▁stand st ill ▁from ▁which ▁it ▁never ▁fully ▁recovered : ▁Great ▁Britain ▁had ▁become ▁heavily ▁inde bt ed ▁to ▁the ▁United ▁States ▁during ▁the ▁war ▁and ▁would ▁never ▁again ▁export ▁capital ▁at ▁a ▁compar able ▁scale . ▁And ▁after ▁the ▁opening ▁of ▁the ▁Pan ama ▁canal ▁in ▁ 1 9 1 4 , ▁Argentina ▁and ▁the ▁other ▁Southern ▁cone ▁econom ies ▁decl ined , ▁as ▁invest ors ▁turned ▁their ▁attention ▁to ▁Asia ▁and ▁the ▁Car ib bean . ▁The ▁United ▁States , ▁which ▁came ▁out ▁of ▁the ▁war ▁a ▁political ▁and ▁financial ▁super power , ▁especially ▁perce ived ▁Argentina ▁( and ▁to ▁a ▁less er ▁extent ▁Brazil ) ▁as ▁a ▁potential ▁rival ▁on ▁world ▁mark ets . ▁Ne ither ▁the ▁Buenos ▁Aires ▁Stock ▁Exchange ▁nor ▁the ▁private ▁domestic ▁banks ▁developed ▁rapidly ▁enough ▁to ▁fully ▁replace ▁British ▁capital . ▁ ▁As ▁a ▁consequence , ▁invest able ▁funds ▁became ▁increasing ly ▁concentr ated ▁in ▁a ▁single ▁institution , ▁the ▁Ban co ▁de ▁la ▁N acion ▁Argentina ▁( B NA ), ▁creating ▁a ▁financial ▁system ▁vulner able ▁to ▁rent - se ek ing . ▁Red is count ing ▁and ▁non - perform ing ▁lo ans ▁grew ▁stead ily ▁at