Can't speak much for the other countries, but in Argentina's case, it was fundamentally fucked over by to events in this period: the decline of the British as the main financial power and the Great Depression.I hope this TL explore how South America is affected by all of this, iirc Brazil had some Germanophile figures that were cast aside because of the "perigo alemão". Maybe German victory in ww1 can prevent their downfall? Also keep in mind that I'm only talking about Brazil, so I can't even begin to imagine the alternative politicians that might arise in countries that were more influenced by Germans, like Argentina and Chile.
Before WW1 Britain had been Argentina's main Great Power influence, so much that the latter had been nicknamed by some "The Sixth Dominion". It owned a big portion of the railways in the country, was it's main creditor, and Argentina's economy consisted mostly of exports to the British Empire.
Britain lost the capacity to be the financial power it had been before the war during WW1, and suddenly the capital coming to Argentina had dried up. The US didn't care to develop what at the time was its main competitor in the region, so the growth Argentina had been experiencing fell in the 20s.
Enter Germany ITTL: if they were to even attempt to fill the gap the British left OTL, you might have either Britain making more of an effort to keep their influence or USA rushing in to prevent the Germany from getting a foothold in South America. Capitalism at its finest, competition would significantly improve the situation for Argentina, no matter the result.
As for the Great Depression, Argentina wasn't affected directly as much as other countries. However, when the British closed off their empire and turned to protectionism, Argentina was fucked. Most of the world had also turned to protectionism, so there was nowhere to redirect its export based economy. In the end, some very unfavorable treaties had to be signed with the British to gain access to the markets of the Empire.
ITTL, there might well not be a Great Depression, or at least it might not be as global as OTL, maybe removing this issue as well.
All these economic issues were mainly what fucked Argentina and led it to the so-called infamous decade in the 30s which would eventually result in 50 years of instability with revolutions, coups and countercoups.
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