The problem is the economic environment making impossible to survive for a standard business. The tax pressure is incredible high and there are not incentives for doing fair businesses.
Imagine this simple case: a company exports for ~7 pesos per dollar while imports its components for ~11. And we are not talking yet about the paperwork and bribery involved in commercial transactions.
You can say the same today. The problem with Argentina is that while it got a GDP equal to Canada in last century, the money was never good distributed, like in Canada, Germany or France.
So just a couple of people will own more than half Texas(Argentina is big) while the rest of the population could only live as servants.
Today big latifundistas still own most of Argentina, and they buy the gobertment like in the past.