Word: lapis
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Dates: during 1950-1959
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...manipulating exchange rates, IAPI bought meat and grains from farmers at low prices, sold the commodities abroad for whatever the traffic would bear. In the famished postwar world, lAPI's profits were immense; it used the income to buy industrial machines and raw materials abroad for resale cheap to Peronista manufacturers. Industry-subsidized, tariff-protected and inefficient, but nonetheless industry-grew 63% between 1943 and 1956. Argentina began or expanded the production of chemicals, canned goods, paint, paper, machine tools, motorcycles, tires, tobacco, plastics, plywood, surgical instruments, steel furniture, motors, matches, cement, batteries, refrigerators, TV sets. At length industrial...
...Europe's war-torn farmlands came back into production, world commodity prices fell. LAPI's income tumbled. Perón had to dip into Argentina's gold and foreign-exchange reserves, a fabulous $1.6 billion piled up during the war, to pay for the raw materials that the new industry was gobbling up. Next, he set the Central Bank's currency printing presses to work. In the chain breakdown...
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