Argentina's 1890 Crisis: The Panic That Reshaped a Nation

In 1890, Argentina was the world's fastest-growing economy, a magnet for British capital and millions of immigrants. Then it all collapsed. This episode tells the story of the Baring Crisis — a financial panic triggered by reckless speculation, corrupt land deals, and a president's desperate attempt to hold onto power. We follow the rise and fall of Miguel Ángel Juárez Celman, the 'Unicato' system of one-party rule, and the dramatic events of the Revolución del Parque, when a military uprising in Buenos Aires nearly toppled the government. Along the way, we meet Carlos Pellegrini, the vice president who restored order, and learn how the crisis gave birth to the Radical Civic Union and set the stage for Argentina's first democratic reforms. For listeners who know about Argentina's later defaults and bailouts, this is the story of the original sin — the first great Argentine debt crisis.

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