▁mon et ary ▁policy , ▁which ▁resulted ▁in ▁an ▁un control led ▁rise ▁in ▁the ▁level ▁of ▁infl ation . ▁ ▁St agn ation ▁( 1 9 7 5 ▁- ▁ 1 9 9 0 ) ▁▁▁ ▁Between ▁ 1 9 7 5 ▁and ▁ 1 9 9 0 , ▁real ▁per ▁cap ita ▁income ▁fell ▁by ▁more ▁than ▁ 2 0 %, ▁w ip ing ▁out ▁almost ▁three ▁dec ades ▁of ▁economic ▁development . ▁The ▁manufact uring ▁industry , ▁which ▁had ▁experienced ▁a ▁period ▁of ▁un inter rupted ▁growth ▁until ▁the ▁mid - 1 9 7 0 s , ▁began ▁a ▁process ▁of ▁continuous ▁decl ine . ▁The ▁extreme ▁dependence ▁on ▁state ▁support ▁of ▁the ▁many ▁protected ▁indust ries ▁ex ac erb ated ▁the ▁sharp ▁fall ▁of ▁the ▁industrial ▁output . ▁The ▁degree ▁of ▁industrial ization ▁at ▁the ▁start ▁of ▁the ▁ 1 9 9 0 s ▁was ▁similar ▁to ▁its ▁level ▁in ▁the ▁ 1 9 4 0 s . ▁ ▁In ▁the ▁early ▁ 1 9 7 0 s , ▁per ▁cap ita ▁income ▁in ▁Argentina ▁was ▁twice ▁as ▁high ▁as ▁in ▁Mexico ▁and ▁more ▁than ▁three ▁times ▁as ▁high ▁as ▁in ▁Chile ▁and ▁Brazil . ▁By ▁ 1 9 9 0 , ▁the ▁difference ▁in ▁income ▁between ▁Argentina ▁and ▁the ▁other ▁Latin ▁American ▁countries ▁was ▁much ▁smaller . ▁ ▁Starting ▁with ▁the ▁Rod rig az o ▁in ▁ 1 9 7 5 , ▁infl ation ▁acceler ated ▁sharp ly , ▁reaching ▁an ▁average ▁of ▁more ▁than ▁ 3 0