The rest of the chapter is organized as follows. In Sect. 2, we relate our work with the existing literature and explain why we focus on trade policy. In Sect. 3, we set up and solve the model. In Sect. 4, we interpret the economic history of Argentina during the twentieth century as seen through the prism of our model. In Sect. 5, we compare Argentina with another new-settler, land-rich economy: Australia. Finally, in Sect. 6, we present our conclusions.