Did any Latin American country benefit from the Great Depression?

Yes, some Latin American countries, notably Argentina and Brazil, benefited from the Great Depression.

The Great Depression, which began in 1929, had a profound impact on economies worldwide. However, its effects were not uniformly negative. In Latin America, some countries managed to turn the crisis into an opportunity for economic growth and diversification. Argentina and Brazil, in particular, were able to benefit from the global economic downturn.

Argentina, a major exporter of agricultural products, was initially hit hard by the depression as global demand for its exports fell. However, the government responded by implementing a series of economic reforms aimed at promoting industrialisation. These included measures to protect domestic industries from foreign competition, such as import tariffs and subsidies for local manufacturers. As a result, Argentina's industrial sector grew rapidly during the 1930s, helping to offset the decline in export revenues and leading to a more diversified and resilient economy.

Similarly, Brazil also managed to benefit from the Great Depression. Like Argentina, Brazil was heavily dependent on exports, particularly coffee. The collapse in global coffee prices initially caused a severe economic crisis. However, the government responded by implementing a policy of import substitution industrialisation (ISI). This involved promoting domestic industries through protectionist measures such as import tariffs and subsidies, as well as investing in infrastructure and education to support industrial development. As a result, Brazil's industrial sector expanded rapidly during the 1930s, reducing the country's dependence on coffee exports and laying the foundation for sustained economic growth in the following decades.

In both Argentina and Brazil, the Great Depression served as a catalyst for economic transformation. The crisis forced these countries to rethink their economic strategies and shift away from a reliance on exports towards a more balanced and diversified economy. While the process was not without challenges, it ultimately helped to strengthen their economies and make them more resilient to future shocks. Therefore, it can be argued that these Latin American countries did indeed benefit from the Great Depression.