Argentina was once one of the richest countries in the world, richer than France or Germany.

And much of that wealth was built on exports of beef, especially to Britain. But that was well over 100 years ago.

Now, thanks to a profound economic crisis, it languishes in around 70th place, according to the latest figures from the World Bank.

It wasn’t ‘an’ economic crisis that caused that change. It was a long-term political crisis. The fundamental cause of Argentina’s economic decline was political misrule - the combination of decades of political instability, military juntas, protectionist trade policies and hyperinflationary monetary policies, all of which discouraged long-term investment and left Argentine businesses and industries inefficient and uncompetitive.

Argentina dropped out of the developed world because the Argentine political class chose to drop out of the developed world.

Argentina is what those Americans flirting with the idea of re-electing Trump should be thinking about. Right now, MAGA, protectionism and political chaos are a one-term aberration in American politics. If they bring him back, if they make Trump’s form of politics a regularised part of the American political culture, Argentina is their future.