Like populism in America, Peronism was an angry revolt against the elites. Unlike in America, it launched an enduring political movement that has dominated Argentine politics—whether in or out of power—for 70 years now. While Peronism has been an inward-looking, xenophobic movement for much of its political life, it has not had the racist undertones of America’s nativist movements like the Know-Nothings. Instead its hostilities have been directed at much of the rest of the world. At one point or another, most countries have been the target of Peronista anger. It has also been inwardly directed at any Argentine treasonous enough not to believe in its ideology. Again, the fascist undertones of Peronism’s early years were manifested in its toxic fanaticism.

The fact that populism in America has never been able to build an enduring political movement, or take one over, is key. Whether Trump consolidates his hold over the GOP, we are in a new era in American politics, where populism has a mainstream party at its disposal. That means that, unlike The People’s Party’s electoral frustrations, it will be Trump’s party that implements policies on immigration and trade. Trump’s goal seems to be to take over and then re-direct the subsidies at the heart of the progressive status quo.

That means Argentina can indeed be a model for some of the risks inherent in populism. While people point to Venezuela, the ongoing collapse of that Caribbean autocracy has deeper and wider roots. Argentina is a better example because it actually achieved some of its stated goals in the first Peronista regime—at the cost, however, of more than half a century stagnation and crisis cycles.