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"Today Mexico is viewed as a success story in the management of economic adjustment and structural reform. Inflation is under control, capital and foreign investment are returning, and output growth has increased. Mexico's recovery, however, has been neither fast nor smooth, and the social costs the country has borne for the past several years have been very large." "In 1982, Mexico faced a severe balance-of-payments crisis. Rampant inflation, capital flight, and a collapse of economic activity were the consequences of an overexpansionist fiscal policy and adverse external conditions. For the next five years, the Mexican government struggled to restore stability and growth without success. Falling oil prices and lack of adequate external financing made these goals extremely difficult to achieve. With the implementation of the Economic Solidarity Pact, inflation was finally brought down in 1988. However, fiscal discipline and far-reaching reforms notwithstanding, growth did not follow. To convince investors to put their capital in Mexico required something more. Initiatives such as the reprivatization of the banking system and the pursuit of a free trade agreement with the United States finally produced the observed turnaround starting in 1990." "In this book, Nora Lustig tells the story of adjustment and reform in Mexico from the onset of the debt crisis in 1982 through the early 1990s when the sweeping reforms began to bear fruit. The author looks closely at the social costs of adjustment and who bore the greatest share. In addition, she explores the characteristics of the new development strategy and analyzes the motivations and potential consequences of Mexico's search for greater economic integration with the United States."--BOOK JACKET.
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MexicoShowing 3 featured editions. View all 3 editions?
Edition | Availability |
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1
México, hacia la reconstrucción de una economía
1994, El Colegio de México, Fondo de Cultura Económica
in Spanish
- 1. ed en español.
9681643321 9789681643324
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2
Mexico, the remaking of an economy
1992, The Brookings Institution
in English
0815753144 9780815753148
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Edition Notes
Includes bibliographical references and index.
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Work Description
"Seeks to describe and interpret Mexico's economic experience during the 1980s. Emphasizes the shift in development strategy from import substitution, State-controlled economy to an open economy in which the State's intervention is limited by a new legal and institutional framework. Also of interest is an examination of the social costs of the economic crisis and adjustment during the 1980s. Speculates about why adjustment and reform in the 1980s may have been easier for Mexico than for other debt-ridden countries"--Handbook of Latin American Studies, v. 57.
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