Argentine were victim of gentrification and economic liberalism through Spanish and British colonialism. See the written documenter's content below :
If you not have many time, read only the written sentences which given bold
Source : Why Argentina is not rich - CaspianReport (11th October 2022)
https://www.youtube.com/watch?v=vu22RNjjrG0(Minute 03 : 27 until 04 : 33)
When measuring a state's living standards there are lies, damned lies, and GDP per capita statistics. Productivity measures can be useful but alone they reveal nothing of a society's actual conditions. Argentina is a case in point, though by 1900 it ranked highly on standard metrics, land policy remain rooted in the 16th century. And though land is the source of all wealth in Argentina, land distribution led to development mediocracy. Like all settler societies, Argentina's land policy was determined by colonization patterns. Violence and the prerogative of force guided land transfers from the indigenous peoples to the conquerors ... Soldiers and the politically well-connected carved out vast estates called estancias. And this top heavy system of proprietorship ensured wealth, status, and political power.
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(Minute 05 : 01 until 06 : 50)
...new lands were granted to settlers but the lion's share went to the already wealthy. Advances in refrigeration technology and the absence of a domestic market monthly estanciearos relied on exports to realize profits. Most were destined for the industrial hub of Britain, as such British investments began to seep into Argentina, monopolizing the country's railways to ensure export stability. Britain thereby stepped into the imperial role that Spain once occupied here the Estancia Rose's self interest clashed with development priorities. Having acquired their land by less sophisticated means, their wealth and influence dependent on Argentina remaining a source of raw, agricultural commodities. There was thus no impetus to move up the value chain or industrialize, instead these function were left to Britain confining Arentina to stagnation.
Moreover, as immigrants poured into the River Plate, many became tenant farmers on the estancias. Here excessive rents gobbled up the surplus of farmworks and this undermined the consumer demand that would have made domestic manufacturing economically viable. While this led to an agricultural boom, long term it halted Argentine development. The ruling estancieros were untroubled by this though, most were happy to watch their export revenues and ground grants roll in, thus by 1900 Argentina entered a relative GDP per capita peak. Yet this apparent prosperity was profoundly unequal and dependent on export markets.