How Did Argentina Lose Its Place Among the World's Top Economies?

It is generally well known that at the turn of the 20th century, Argentina was a prosperous country with one of the world's largest economies  (in the top 10), however, what exactly caused its demise into today's class warfare and poverty?


Question:  How did this occur?  Do we see similar themes occurring today in the U.S.?  Is this commentary accurate?


Argentina “was” one of the richest countries in the world until…(from randysright, link below)

In the early 20th century, Argentina was one of the richest countries in the world. While Great Britain’s maritime power and its far-flung empire had propelled it to a dominant position among the world’s industrialized nations, only the United States challenged Argentina for the position of the world’s second-most powerful economy.  


It was blessed with abundant agriculture, vast swaths of rich farmland laced with navigable rivers and an accessible port system. Its level of industrialization was higher than many European countries: railroads, automobiles and telephones were commonplace.  


In 1916, a new president was elected. Hipólito Irigoyen had formed a party called The Radicals under the banner of “fundamental change” with an appeal to the middle class.  


Among Irigoyen’s changes: mandatory pension insurance, mandatory health insurance, and support for low-income housing construction to stimulate the economy. Put simply, the state assumed economic control of a vast swath of the country’s operations and began assessing new payroll taxes to fund its efforts.

For the rest please see....
http://randysright.wordpress.com/2010/03/25/argentina-was-one-of-the-richest-countries-in-the-world-until/



To find out for sure I am going to read this:
http://www.amazon.com/Argentina-Economic-Chronicle-richest-countries/dp/0979557607