In "The Triumph of Money," Niall Ferguson examines how Argentina's economic trajectory shifted dramatically from prosperity to crisis. Once the sixth richest nation globally in the late 19th century, Argentina experienced a series of financial missteps that led to severe economic decline. The author attributes this downfall to a cycle of defaults and devaluations that became self-destructive, undermining the country's financial stability and societal wellbeing.

Ferguson's analysis highlights that the seeds of Argentina's inflationary disaster in the 1980s were sown by earlier financial madness. The historical context he provides illustrates how mismanagement and poor monetary policies transformed a wealthy nation into one fraught with economic turmoil and hyperinflation. This case study serves as a cautionary tale about the consequences of financial irresponsibility and the complexities of economic governance.