Why isn't Australia more like Argentina (or vice versa)?

[Brad DeLong]

>Rob Schaap wrote:
>
>>Maybe our relative
>>prosperity (relative, that is, to Argentina - we have slowly been going down
>>the international ladder of living standards throughout the century)
>
>According to the World Bank, your GDP per capita was 78% of the U.S. 
>in 1975 (purchasing power parity basis), and was 77% of the U.S. in 
>1999.
>
>Doug

But it was 130% of U.S. in 1890...

Brad DeLong