From 1857 to 1930, 6.2 million Europeans, primarily from Italy and Spain, emigrated to Argentina, shaping its economy and society.

By 1913, Argentina had one of the highest per capita incomes in the world, surpassing France, Germany, and Spain.

In “Wealth, Poverty and Politics,” Thomas Sowell wrote, “As of 1914, foreigners — who were about 30 percent of the Argentine population — owned 72 percent of the commercial businesses in Argentina, and 82 percent in Buenos Aires.” While immigrants played a dominant role in Argentina’s economy, Sowell argued that the nation’s political institutions remained under the control of native Argentines, whose policies ultimately led to economic decline.

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