Argentina was a rich country but never a rich industrialized country. At the time we were rich, we were exporting beef and importing everything that came from a factory. Later attempts at industrialization, after global protectionism and domestic infighting had already plunged us into relative poverty, were based on the flawed paradigm of import-substitution industrialization, whereas the UK was transitioning from mercantilism to Smithian liberalism when they industrialized, both of which put the highest possible priority on exports. London is the world's second biggest financial hub, a fact that accounts for a significant part of the English economy, while Buenos Aires was never a financial hub for anyone but Argentines, and even we bank in London, Omaha, or Montevideo whenever we have the choice.
Industrialization was somewhat successful; I am eating off an Argentine plate, on an Argentine table, with Argentine utensils (ironically made of stainless steel rather than, as would be appropriate for Argentina, silver) while Argentine-made buses roar by outside. A century ago, when we were rich, all those would have been imported from Europe or the US, except the table. My neighborhood today is full of machine shops and heavy machinery repair shops to support the industrial park across the street. Even the TV showing football news purports to be Argentine, but actually it's almost certainly assembled in the Tierra del Fuego duty-free zone from a Korean or Chinese kit.
As a curious occasional geoguessr player, whereabouts in Tierra del Fuego one might find industry, manufacturing and assembly? I thought it was fishing, tourism and shipping focused.
Import substitution is not an alternative to basic industrialization. It's a policy advocated as a means to achieve basic industrialization. I regret that my comment was so misleading.
The usual alternative to import substitution industrialization is export-focused industrialization. Argentina and Brazil exemplify the former; Japan, Taiwan, South Korea, Hong Kong, and now the PRC exemplify the latter. The line between them is whether the country's manufactures are widely exported.
Industrialization was somewhat successful; I am eating off an Argentine plate, on an Argentine table, with Argentine utensils (ironically made of stainless steel rather than, as would be appropriate for Argentina, silver) while Argentine-made buses roar by outside. A century ago, when we were rich, all those would have been imported from Europe or the US, except the table. My neighborhood today is full of machine shops and heavy machinery repair shops to support the industrial park across the street. Even the TV showing football news purports to be Argentine, but actually it's almost certainly assembled in the Tierra del Fuego duty-free zone from a Korean or Chinese kit.
There is not much similarity.