Economic history of Argentina rate never went above 10%, and the country largely recovered by 1935. However, the Depression permanently halted its economic expansion. Actually, much like other developing countries, the economy was already in a downturn beginning in 1927, a result of declining prices. Argentina abandoned the gold standard in December 1929, earlier than most countries. For much of the previous period, the country had operated a currency board, in which a body known as the caja de conversión was charged with maintaining the peso's value in gold. The devaluation of the peso increased the competitiveness of its exports and protected domestic production.
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