The Chaco War (nov 15, 1929 – jun 12, 1933)

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Fueled by the prospect of oil and largely dictated by foreign oil companies, The Chaco War took four gruesome years, and by 1933 Paraguay had completely routed the Bolivian forces and were starting to occupy their lands. The total victory did not came without a cost however, as mounting debt and military expenses continued to be a burden on the government. The Bolivian military was poorly equipped and poorly trained to fight in the region, and its low morale meant the Paraguayan casualties were far smaller.

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