Economic history of Argentina assumed power, inflation was equivalent to an annual rate of 5000%, and output had declined sharply. In 1976, the era of import substitution was ended, and the government lowered import barriers, liberalized restrictions on foreign borrowing, and supported the peso against foreign currencies. That exposed the fact that domestic firms could not compete with foreign imports because of the overvalued currency and long-term structural problems. A financial reform was implemented that aimed both to liberalize capital markets and to link Argentina more effectively with the world capital market. After the relatively stable years of 1976 to 1978, fiscal deficits started
History of Argentina of frozen beef, especially to Great Britain, provided much needed foreign currency, but trade fell off sharply. In 1929, Argentina was wealthy by world standards, but the prosperity ended after 1929 with the worldwide Great Depression. In 1930, a military coup, supported by the Argentine Patriotic League, forced Hipólito Yrigoyen from power, and replaced him with José Félix Uriburu. Support for the coup was bolstered by the sagging Argentine economy, as well as a string of bomb attacks and shootings involving radical anarchists, which alienated moderate elements of Argentine society and angered the conservative right, which had long been agitating