▁was ▁already ▁in ▁a ▁dow nt urn ▁beginning ▁in ▁ 1 9 2 7 , ▁a ▁result ▁of ▁decl ining ▁prices . ▁ ▁Argentina ▁abandoned ▁the ▁gold ▁standard ▁in ▁December ▁ 1 9 2 9 , ▁earlier ▁than ▁most ▁countries . ▁For ▁much ▁of ▁the ▁previous ▁period , ▁the ▁country ▁had ▁operated ▁a ▁currency ▁board , ▁in ▁which ▁a ▁body ▁known ▁as ▁the ▁c aja ▁de ▁convers ión ▁was ▁charged ▁with ▁maintain ing ▁the ▁pes o ' s ▁value ▁in ▁gold . ▁The ▁de valu ation ▁of ▁the ▁pes o ▁increased ▁the ▁compet it iveness ▁of ▁its ▁exports ▁and ▁protected ▁domestic ▁production . ▁Argentina ▁saw ▁the ▁value ▁of ▁its ▁exports ▁drop ▁from ▁$ 1 , 5 3 7 ▁million ▁in ▁ 1 9 2 9 ▁to ▁$ 5 6 1 ▁million ▁in ▁ 1 9 3 2 , ▁but ▁this ▁was ▁by ▁no ▁means ▁the ▁most ▁severe ▁dow nt urn ▁in ▁the ▁region . ▁ ▁In ▁response ▁to ▁the ▁Great ▁De pression , ▁success ive ▁govern ments ▁purs ued ▁a ▁strategy ▁designed ▁to ▁transform ▁Argentina ▁into ▁a ▁country ▁self - su fficient ▁in ▁industry ▁as ▁well ▁as ▁agricult ure . ▁The ▁strategy ▁of ▁growth ▁was ▁based ▁on ▁import ▁substitution ▁in ▁which ▁tar iffs ▁and ▁quot as ▁for ▁final ▁goods ▁were ▁raised . ▁The ▁import - subst itution ▁process ▁had ▁progress ively ▁been ▁adopted ▁since ▁the ▁late ▁ 1 9 th ▁century , ▁but ▁the ▁Great ▁De pression ▁intens ified ▁it . ▁The ▁government ' s ▁encourag ement ▁of ▁industrial ▁growth ▁di vert ed