ABSTRACT
As with most countries engaged in international trade and finance, Argentina suffered a series of traumatic shocks beginning in 1913: the First World War, the Great Depression, and then the Second World War. The Great Depression reduced demand for exports and worsened the terms of trade. From the beginning of the Great Depression in 1930 to the end of the Second World War in 1945, the economic, political and military conflicts among the world's most powerful nations drove the collapse of international trade and finance and the disintegration of the global economy. The Nationalists were deeply sceptical of the benefits of close connection with foreign capitalists and therefore globalization. The privileges extended by the United Kingdom to the members of its Commonwealth and Empire during the Great Depression added to the arguments of the Nationalists. The economic performance of Argentina was poor in the interwar period and it was worse after 1929 than before.
