Mexico: The Remaking of an Economy / Edition 2

Hardcover (Print)
Buy New
Buy New from BN.com
$42.68
Used and New from Other Sellers
Used and New from Other Sellers
from $38.27
Usually ships in 1-2 business days
(Save 18%)
Other sellers (Hardcover)
  • All (2) from $38.27   
  • New (2) from $38.27   

Overview

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 out growth has increased. Mexico's recovery, however, has been neither smooth nor rapid.

In mid-1982, Mexico was in deep economic crisis compounded by an unfavorable international environment. Mexico was saddled with a large foreign debt, world interest rates were high, commercial banks had stopped lending, and the price for oil was dropping. Conditions at home were no better with rampant inflation, increasing capital flight, and chaos in financial and foreign exchange markets. To confront internal imbalances and accommodate adverse external conditions, Mexico adjusted its consumption and output, then sought new ways to foster growth. The crisis and adjustment imposed great hardship and demanded enormous discipline on the part of the government. This was accomplished without serious political or social disruption.

In this book, Nora Lustig analyzes Mexico's economic evolution from the outset of the debt crisis in 1982 until the sweeping reforms began to bear fruit in the early 1990s. She explains the causes of the 1982 economic crisis and why it took Mexico "so long" to restore stability and growth. She also explores the question of the social costs of economic crisis and adjustment, and why the process may have been easier for Mexico than other debt-ridden countries. A discussion of the emerging role of the state in Mexico and the country's new outward-oriented development strategy is followed by an analysis of its search for greater economic integration with the United States and Canada.

Selected by Choice as an Outstanding Book of 1992

Read More Show Less

Product Details

  • ISBN-13: 9780815753209
  • Publisher: Brookings Institution Press
  • Publication date: 9/28/1998
  • Edition description: REV
  • Edition number: 2
  • Pages: 287
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

Nora Lustig is a senior fellow in Brookings' Foreign Policy Studies program and the editor of Coping with Austerity: Poverty and Inequality in Latin America (Brookings, 1995).

Read More Show Less

Table of Contents

Abbreviations and Acronyms
Introduction 1
Mexico's Adjustment and Recovery: A Summary 2
A Note on Method 12
1 The Genesis of the 1982 Crisis 14
The Golden Years of "Stabilizing Development" 14
Macroeconomic Imbalances and the 1976 Balance-of-Payments Crisis 17
The Oil Boom and the Onset of the 1982 Crisis 20
Concluding Remarks 26
2 From Crisis to Recovery 28
The First Attempt at Stabilization, 1983-85 29
The Failure of the First Stabilization Program 34
From the 1986 Oil Shock to the 1987 Run on the Peso 39
The Implementation of the Economic Solidarity Pact 50
The Pursuit of Economic Recovery 55
Concluding Remarks 59
3 The Social Costs of Adjustment 61
Adjustment, Living Standards, and Income Distribution 61
Living Conditions before the Crisis 65
Trends in Earned Real Incomes since 1982 66
Unemployment and Employment Patterns 75
Social Income: The Evolution of Public Spending on Social Sectors 78
Resource Availability in Education and Health 83
Food Subsidies: From General to Targeted 86
Social Indicators: Nutrition and Health, Education, and Incidence of Crime 87
Household Survival Strategies 89
Who Bore the Costs and to What Extent? 92
Concluding Remarks 94
4 Public Sector Reforms 96
Fiscal Policy Reform 98
Divestiture of Public Enterprises 103
Deregulation 107
Concluding Remarks 112
5 Looking Outward: Reforms in the Foreign Trade and Investment Regimes 114
Trade Liberalization 117
Impact of Trade Liberalization on Economic Performance 120
Industrial Programs 122
The Changing Foreign Investment Regime 125
Intellectual Property Rights 129
Joining the General Agreement on Tariffs and Trade 130
Seeking Closer Ties with the United States 132
Concluding Remarks 137
Epilogue 140
Appendix: Agreement Signed by Mexico and Its Commercial Banks on Debt and Debt Service Reduction 141
Notes 145
Index 181
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)