Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.

The Generation of '80 is known as the Argentine elite that ruled the country during the years 1880 and 1916. This was characterized by having a strong influence of French and English culture.