North American Economic Integration: Theory and Practice

By Norris C. Clement; Gustavo Del Castillo Vera et al. | Go to book overview

6 Mexico's Economic Development
The Mexican economy has been at the forefront of North American economic news since 1982. On many occasions, this prominence was due to the fact that the country's policy makers were being castigated for gross mismanagement of the economy. On other occasions, it was because Mexico was being held up as a showcase of International Monetary Fund and World Bank stabilization and structural adjustment policies. What has remained unchanged throughout these contrasting scenarios is Mexico's inability to recover the historical growth rates that it enjoyed during the 1950s and 1960s. As outlined in Chapter 3 and confirmed in Chapters 4 and 5 is that this scenario is also consistent with the experience of Mexico's two NAFTA partners. Economic development has been postponed repeatedly as a vicious policy cycle heaped hardship on the population. A chronology of key post-World War II events in Mexico illustrates this point well:
1950s-1960s Sustained economic growth with low inflation and a stable peso.
1970-77 Rising inflation and external debt culminating in a major peso devaluation in 1976.
1978-81 Rapid economic growth based on oil exports.
1982 External debt crisis triggered by external shocks and economic mismanagement.
1983-85 Refusal to participate in a Third World debtors' cartel. Adoption of strong stabilization policies to become the IMF model 'adjusting country'.

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North American Economic Integration: Theory and Practice
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Figures vi
  • Tables vii
  • Notes on Authors viii
  • Preface xi
  • Part I 1
  • Introduction 3
  • 1 - Nafta in the Global Context 5
  • 2 - International Integration: Theory and Practice 23
  • 3 - The Global Economy after World War II 67
  • Part II 101
  • 4 - The United States after World War II 117
  • 5 - Canada's Economic Development and Integration 157
  • 6 - Mexico's Economic Development 207
  • Part III 249
  • Introduction 251
  • 7 - North American Economic Integration: Trial by Fire 253
  • 8 - Nafta and Beyond 279
  • References 317
  • Glossary 327
  • Index 339
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