Editing Economy of Peru (section)

====World War I and II eras====
In the early 1910s, Peru enjoyed a growing economy due to mining and crop production, with a working class developing at the time.<ref name="CH">{{Cite web|title=Commanding Heights: Peru|url=https://www.pbs.org/wgbh/commandingheights/lo/countries/pe/pe_full.html|access-date=14 October 2021|website=[[PBS NewsHour]]}}</ref> Following the outbreak of [[World War I]], international markets became turbulent and Peru experienced a recession and a series of coups occurred through the mid and late-1910s.<ref name="CH" /> [[Augusto B. Leguía]], a member of Peru's [[oligarchy]], then took power through a coup and essentially assumed dictatorial powers, writing a new constitution; Leguía would often ignore the constitution through his acts, however.<ref name="CH" /><ref>{{Cite web|title=Augusto Bernardino Leguía y Salcedo {{!}} president of Peru|url=https://www.britannica.com/biography/Augusto-Bernardino-Leguia-y-Salcedo|access-date=14 October 2021|website=[[Encyclopædia Britannica]]|language=en}}</ref> [[Víctor Raúl Haya de la Torre]] founded the [[American Popular Revolutionary Alliance|American Popular Revolutionary Alliance (APRA)]] calling for reforms, though Leguía quickly banned the party.<ref name="CH" /> Leguía increased spending to modernize Peru, though this also raised national debt and with the addition of the [[Great Depression]] in 1929, he was overthrown soon-after in 1930 by [[Luis Miguel Sánchez Cerro]].<ref name="CH" />

Sánchez announced a [[debt moratorium]] on US$180&nbsp;million and Peru was banned from markets in the United States as a result.<ref name="CH" /> The Sánchez government also continued the repression of APRA, resulting in an Aprista party member assassinating Sánchez.<ref name="CH" /> [[Óscar R. Benavides]] was chosen by the constituent assembly to finish Sánchez's term and intensified persecution of left-wing groups, resulting in increased support for the [[Peruvian Communist Party|Peruvian Communist Party (PCP)]] among indigenous and labor groups.<ref name="CH" /> As Peru's economy grew, a banker in Lima, [[Manuel Prado Ugarteche]], was elected into the presidency in the [[1939 Peruvian general election]].<ref name="CH" />

President Prado adopted a softer tone on APRA while Aprista leader [[Víctor Raúl Haya de la Torre|Haya de la Torre]] also espoused more moderate policy and support for foreign markets.<ref name="CH" /> APRA was made a legal party in 1945 and in [[José Luis Bustamante y Rivero]] was [[1945 Peruvian general election|elected the same year]], making an Aprista politician the Minister of the Economy.<ref name="CH" /> Subsequently, the Bustamante greatly increased[[economic interventionism]] to include [[price controls]] and a [[foreign exchange controls]], which appeared beside a slowing economy, resulting in increased inflation.<ref name="CH" />