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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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The Years of Adjustment, the Lost Decade, and the Reform Process

The Years of Adjustment, the Lost Decade, and the Reform Process

(p.146) 7 The Years of Adjustment, the Lost Decade, and the Reform Process
Development and Growth in the Mexican Economy

Juan Carlos Moreno-Brid

Jaime Ros (Contributor Webpage)

Oxford University Press

Chapter 7 looks at Mexico's radical economic policy responses and adjustment to the adverse shocks of the debt crisis of 1982 and the oil price collapse of 1986, which implied an about face in the nation's traditional development agenda from the mid-1980s onward. It shows how the adjustment problems conditioned the results of the various stabilization programs attempted, from a failed initial orthodox strategy attempted to an “heterodox shock” in late 1987. It describes in detail the macroeconomic reform process launched in this decade, including trade liberalization (which ultimately led to NAFTA), the deregulation of foreign direct investment and financial markets, the privatization of public enterprises, and the watering down of industrial policies. The chapter includes sections on competition policy and the deregulation of tertiary activities, as well as on the reforms to the land tenure system and agricultural policy.

Keywords:   Macroeconomic reform, oil and international debt crisis, trade liberalization, deregulation, financial liberalization, horizontal policies, sectoral policies

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