The 1890 Revolution: Argentina's First Financial Meltdown

In 1890, Argentina was the world's fastest-growing economy, a magnet for British capital and European immigrants. Then it all collapsed. This episode tells the story of the Baring Crisis and the Revolution of 1890—a financial panic triggered by reckless speculation, a corrupt president, and a London bank's near-failure. We trace how President Miguel Ángel Juárez Celman's 'Unicato' system enriched insiders while inflating a monstrous debt bubble, how the Panic of 1890 brought down Barings Bank, and how a thwarted revolt led by Leandro Alem and Bartolomé Mitre forced Juárez Celman to resign. The crisis reshaped Argentina's politics, gave rise to the Radical Civic Union, and planted seeds of the economic volatility that would haunt the country for a century. We also touch on the Baring Brothers' rescue by the Bank of England and the role of the River Plate's frozen foreign reserves.

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