Thank you for the explanation. I think you're right and this is why democracy and politicians will never get us out of this hole, as democracy is only a short term PR game.

It's not all IMF's fault though, this exists way before the 60s. In Argentina they have been talking about the "modelo agroexportador o industrialización" since at least the 1910s. The lack of strong property rights and a junk currency played a large role in the lack of longer term private investment.