TLDR they won the lottery and began importing everything for so long that they starved their own domestic production to death, became dependent on imports, and inflated the global economy to the point that they couldn’t afford the imports they depended on.

Than they doubled down and built the most expensive naval fleet in history and immediately lost it in battle.

I’m working my way through Open Veins of Latin America which goes into this in much more depth. I haven’t finished but would recommend, although the reason I haven’t finished is because it is a moderately heavy read.