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This article is about the foreign trade of Argentina. See economy of Argentina for a more general overview. Financed mostly with British capital, massive dock works touched off a foreign trade boom that reshaped the previously isolated Argentine economy. Argentina throughout its history has always depended on foreign trade to achieve a solid economic and social growth.
Argentina developed an agro-export model where they were highly dependent on the external sector. The country used to export all their commodities to a growing population of Europe. After this, Argentina started a new period of import substitution where the idea was to reach an industrialized nation. Policies of “free trade” financial deregulation pursued by Argentina’s last dictatorship led to a sudden, record deficit in 1980 and, by 1981, a mountain of bad debts and financial collapse. Economy Minister Domingo Cavallo enacted the Convertibility Law of 1991, pegging the monetary value of the Argentine peso to the United States dollar.