Argentina's 1889 Panic: The Baring Crisis and the End of the Golden Age

In 1889, Argentina was the world's fastest-growing economy, a land of wheat, wool, and railways funded by British capital. But when the Baring Brothers bank collapsed, the bubble burst, triggering a depression, a revolution, and a national reckoning. This episode dives into the Baring Crisis of 1890: the speculation, the corruption, the crash, and the aftermath that reshaped Argentine politics. We explore the role of President Miguel Juárez Celman, the Unicato system, the dramatic rescue by a consortium of British banks, and how the crisis gave rise to the Radical Civic Union and the first mass political movement in Argentina. Along the way, we meet figures like Leandro Alem, Carlos Pellegrini, and the bondholders of London. A story of boom, bust, and the birth of modern Argentine democracy.

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