in Mexico

Published by University of California Press

Published in print August 2010 | ISBN: 9780520262355
Published online March 2012 | e-ISBN: 9780520947528 | DOI:

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Neoliberalism is dying everywhere, except in Mexico, where the ruling oligarchy, especially those with commercial and financial ties to the United States, has clutched the reins of power for decades. Vicente Fox and Felipe Calderón, of Partido Acción Nacional, along with Carlos Salinas and Ernesto Cedillo of the Partido Revolucionario Institucional, left their stamp on politics in the days of the North American Free Trade Agreement (NAFTA). Despite vociferous claims by both Salinas and Fox that Mexico boasted the eleventh-largest economy in the world, it had the peculiar and dubious honor, according to a United Nations report, of not standing alongside the fifty nations given credit for human development. Mexico is a capitalist country, but its capitalism is one of underdevelopment, making it excessively vulnerable to the ups and downs of financial markets. Poverty, unemployment, and small farmers in distress characterize its capitalism. The elimination of tariffs on American goods and the failure of Mexico to support its own industries weakens the country. Since the signing of NAFTA, Mexico's economic growth has been a meager one percent.

Keywords: Mexico; United States; underdevelopment; neoliberalism; NAFTA; economic growth; capitalism; tariffs; oligarchy; unemployment

Chapter.  11954 words. 

Subjects: History of the Americas

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