Argentina really only has its internal politics to blame. Unlike the rest of Latin America, they weren't just a hacienda for United Fruit agricultural exports, they had a large, Eurocentric population (and in the first half of the 20th century, probably a European *educated* population) and a reasonable basis for creating a self-sustaining internal economy neither overdependent nor incapable of exports or imports.
Extractive economies, especially oil states, never seem to use the financial windfall to develop non-oil economies. It's almost always used for dubious modernization efforts (ie, building underutilized skyscraper cities), buying poltiical loyalty, building up an unsustainable and outsized military or subsidizing prices for staple foods, fuel and substandard housing.
All of these probably have convincing arguments -- you can't attract business without modern office space (and bonus, we get to develop a construction sector that can build more than cinderblock and tin shacks), you need political stability to develop an economy, you need military security from your neighbor (plus developing military bases furthers your construction industry goals, making weapons improves your manufacturing base), and making food, fuel and housing available *now* is both popular and a humanist policy.
But they almost never develop sustainable *economies* that do anything else. I can't think of one thing Saudi Arabia does besides sell oil and they have probably taken in a trillion dollars in profit. Given quite literally "more money than God" why haven't they been able to buy their way into pharma, water purification, semiconductors, information technology, polymers, agriculture, shipbuilding, or any other industry that has grown up in the last 75 years? They have been politically stable, have good trade relations with the West and are at the geographic crossroads between the East and West.
Yet all they have to show for it is a bloated aristocracy, ridiculous overbuilt cities, a high tech military they can barely operate let alone fix or make parts for.