▁a ▁year ▁later ▁the ▁country ▁re - enter ed ▁the ▁international ▁bond ▁mark ets . ▁ ▁All ▁the ▁same , ▁between ▁ 1 8 5 3 ▁and ▁the ▁ 1 9 3 0 s , ▁fis cal ▁inst ability ▁was ▁a ▁trans itory ▁phenomen on . ▁The ▁de press ions ▁of ▁ 1 8 7 3 – 7 7 ▁and ▁ 1 8 9 0 – 9 1 ▁played ▁a ▁cru cial ▁role ▁in ▁fost ering ▁the ▁rise ▁of ▁industry : ▁tim id ly ▁in ▁the ▁ 1 8 7 0 s ▁and ▁more ▁decis ively ▁in ▁the ▁ 1 8 9 0 s , ▁industry ▁grew ▁with ▁each ▁crisis ▁in ▁response ▁to ▁the ▁need ▁of ▁a ▁dam aged ▁economy ▁to ▁improve ▁its ▁trade ▁balance ▁through ▁import - subst itution . ▁By ▁ 1 9 1 4 , ▁about ▁ 1 5 % ▁the ▁Argent ine ▁labour ▁force ▁was ▁involved ▁in ▁manufact uring , ▁compared ▁to ▁ 2 0 % ▁involved ▁in ▁commercial ▁activities . ▁In ▁ 1 9 1 3 , ▁the ▁country ' s ▁income ▁per ▁head ▁was ▁on ▁a ▁par ▁with ▁that ▁of ▁France ▁and ▁Germany , ▁and ▁far ▁ahead ▁of ▁Italy ' s ▁or ▁Spain ' s . ▁At ▁the ▁end ▁of ▁ 1 9 1 3 , ▁Argentina ▁had ▁a ▁gold ▁stock ▁of ▁£ 5 9 ▁million , ▁or ▁ 3 . 7 % ▁of ▁the ▁world ' s ▁mon et ary ▁gold , ▁while ▁representing ▁ 1 . 2 % ▁of ▁the ▁world ' s ▁economic ▁output