BBC News, 2020 Index of Economic freedom, The World Bank
After becoming an independent country in 1816, Argentina has enjoyed its large territory and vast agricultural and natural resources. In fact, Argentina is one of the G20member countries that is consist of the countries with the most powerful economy in the world.
In 1916 when Hipolito Yrigoyen was elected as a president, he introduced a minimum wage as a response to its high inflation.
When the Great Depression happened around 1930, however, armed forces overthrown Hipolito Yrigoyen.
After World War 2, a new president Juan Peron put emphasis on increasing wages and securing the society that attracted majority of the citizens. He also strengthened the power of the president by renewing a constitution as well as restricting the opponents and independent press.
In 1955, president Juan Peron was overthrown by violent military uprisings, which led to destabilize the government.
After unstable governance under dictators and armed forces, democracy was restored in 1983.
In 1989, when Carlos Menem was elected as a president, he started an austerity policy that aims to reduce the government deficits. In 1992, a new currency Peso that was pegged to the US dollar was introduced in Argentina.
In 2002 when Eduardo Duhalde became a new president, he ended the currency peg and devalued the peso, but failed to pay back the debt from the World Bank.
Once president Cristina Fernandez de Kirchner won a second term with a landslide 54% of the vote in 2011, she lowered the voting age to 16, but in 2013, Argentina became the first country to be disapproved by the IMF for not providing accurate data on inflation and economicgrowth, and defaulted on its international debt again in 2014, which led the country's access to international credit markets to be restricted.
A new president Mauricio Marci since 2015 reduced government subsidies and raised interest rates dramatically to stop the falling value of the peso, but in 2019, Alberto Fernandez became a new president and has tried to reform the economic policy.