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Development and Growth in the Mexican EconomyAn Historical Perspective$
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Juan Carlos Moreno-Brid and Jaime Ros

Print publication date: 2009

Print ISBN-13: 9780195371161

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780195371161.001.1

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Revolution, the 1930s, and the Consolidation of a Developmental State

Revolution, the 1930s, and the Consolidation of a Developmental State

(p.68) 4 Revolution, the 1930s, and the Consolidation of a Developmental State
Development and Growth in the Mexican Economy

Juan Carlos Moreno-Brid

Jaime Ros (Contributor Webpage)

Oxford University Press

Chapter 4 looks at economic performance from 1910 to 1940 and challenges the conventional hypotheses about the evolution of the economy during the revolution and the immediate postrevolutionary period. Contrary to conventional views that the revolution had extremely disruptive economic consequences, the chapter argues, along with a number of authors in the recent literature on the subject, that the revolution did not prevent a fairly sustained economic expansion and the continuation of the export boom of the Porfiriato. And also contrary to conventional wisdom, it concludes that the Great Depression was in fact particularly harmful in the case of Mexico compared to other Latin American countries. Moreover, despite the recovery of exports and terms of trade early in the 1930s, Mexico's recession started earlier (in 1926), and for this reason was more prolonged than elsewhere, while monetary and fiscal policies until 1932 were strongly procyclical.

Keywords:   Mexico, Great Depression, revolution, procyclical policies, export boom

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