Of course, but every country had big problems throughout the 20th Century, including the US.
Argentina just couldn't cope with theirs, in huge part due to Peronism. I think a lot of the discussion there is misguided; some posters seem to think the problem was ISI wasn't taken far enough, while in reality the problem is they attempted ISI to begin with. A country with vast natural resources and a very low population density such as Argentina should embrace it's position as a commodity exporter, they were and could remain incredibly prosperous with that role - see Australia. Naturally some industry would develop around the main commodities, such as meat and minerals. Instead, they subsidized industries where they had no competitive advantage whatsoever, because Perón and co. believed that's what it takes to become a developed nation.
Argentina is rich by nature - it takes a big effort to keep them poor.