19 September 1955: Military coup ousts Argentina's Perón

On this day in 1955, the armed forces deposed Argentinian president Juan Perón, after a failed assassination attempt.

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Pern remains an iconic figure for Argentinians

Former Argentinian president Juan Pern is one of the best-known Latin American leaders in history.

His policies, which were generally seen as pro-worker, made him extremely popular with poorer Argentinians. He became president in 1946.

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Over the next nine years, Pern's government expanded public services, including social security andhealth insurance. His labour laws boosted wages. However, attempts to reduce imports, through subsidies and tariffs, backfired, hitting growth and leading to high inflation.

Overtime his government became increasingly authoritarian, using media censorship and even outright violence against his opponents on both the right and left.

Eventually, after Pern's supporters went on a rampage in response to a failed assassination attempt, the military intervened in September 1955.

Pern was forced to spend the next 18 years in exile. With growing fears of a civil war, he was allowed to take part in free elections in 1973, paving the way for him to return to office. However, he would die of a heart attack a year later.

Pern remains an iconic figure in Argentinian politics. Even today, Argentinian politicians claim him as their inspiration.

However, many economic historians claim that his protectionist policies played a key part in transforming Argentina from one of the richest countries in the world into an economic basket case.

Dr Matthew Partridge
MoneyWeek Shares editor