The Labour Party later renamed Justicialist Party, the most powerful and influential party in Argentine history, came into power with the rise of Juan Domingo Perón to the presidency in 1946. He nationalized strategic industries and services, improved wages and working conditions, paid the full external debt and claimed he achieved nearly full employment. He pushed Congress to enact women's suffrage in 1947, and developed a system of social assistance for the most vulnerable sectors of society. The economy began to decline in 1950 due in part to government expenditures and the protectionist economic policies.