1581. Mexico: Pessimism is Rational
- Author:
- Sidney Weintraub
- Publication Date:
- 11-2003
- Content Type:
- Policy Brief
- Institution:
- Center for Strategic and International Studies
- Abstract:
- Some significant outcomes in Mexico during the past quarter century are worth reviewing. There has been practically no growth in real per capita income since 1980. Until the presidential transition from Ernesto Zedillo to Vicente Fox, there were financial collapses either ending, starting, or during every other sexenio (six-year term) over this period. Perhaps these monotonic curses are a thing of the past, but no Mexican would “bet the farm” on this. These financial collapses were generally accompanied by economic downturns, spectacularly so in 1982 and 1994. Mexicans who came of age over the past 25 years—those now about 40 to 50—have known nothing other than repetitive currency depreciations and lack of sustained growth, and these expectations surely have been programmed indelibly into their psyches. A Mexican would have to be unthinking not to be pessimistic about the future based on recent economic management of the country, its currency, and its financial solidity.
- Topic:
- Security, Economics, and Politics
- Political Geography:
- Latin America and North America