Arturo Frondizi

Frondizi was elected President of Argentina on February 23, 1958, as candidate of the Intransigent Radical Civic Union (UCRI). He won with 45% of the vote, benefiting from a deal with the exiled Peronist movement, which instructed its supporters to vote for him.

Frondizi signed contracts with foreign oil companies, including Standard Oil of California and Shell, to exploit Argentine oil reserves. This reversed the state monopoly on oil and aimed to achieve energy self-sufficiency. The policy was controversial and criticized by nationalists and the military.

Frondizi launched a developmentalist economic program focused on industrialization, infrastructure, and attracting foreign capital. Policies included tariff protection for local industries, state investment in steel and petrochemicals, and promotion of exports. The plan achieved industrial growth but also caused inflation and foreign debt.

Frondizi signed the Treaty of Montevideo on February 18, 1960, establishing the Latin American Free Trade Association (ALALC). The agreement aimed to reduce trade barriers among Argentina, Brazil, Chile, Mexico, Paraguay, Peru, and Uruguay, promoting regional economic integration.

Frondizi was overthrown by a military coup on March 29, 1962, after the Peronist party won provincial elections, which the military opposed. He was arrested and placed under house arrest. The coup ended his developmentalist experiment and led to a period of military rule.