Banking and Financial Circuits and the Role of the State
Edited by Louis-Philippe Rochon and Mario Seccareccia
Chapter 11: Financial flows and Mexico’s disintegrated spaces of production
Over the past few decades, many arguments have been employed to analyze the poor economic performance of many Latin American (LA) countries. The most robust analyses have focused on the inherent shortcomings of strategies based on export-led growth, foreign savings, trade and financial opening, privatizations and financial deregulation. Such arguments have found ample support from the fact that Washington Consensus (WC)-inspired policies have led not only to stagnant production, investment and savings, but also to dramatic increases in wealth disparities, poverty and unemployment, as well as frequent financial crises and ever greater capital outflows from the region. As always, the most robust economic theories are those which emphasize certain core economic dynamics, but which are simultaneously flexible enough to be able to incorporate the disparate economic realities of different national or regional realities without falling into theoretical contradictions. In this chapter, we employ one such theory, the theory of the monetary circuit, to analyze Mexico’s economy during the last few decades.
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