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The Structural Causes of the Severity of the World Crisis in Mexico

In: Latin America after the Financial Crisis

Author

Listed:
  • Abelardo Mariña Flores
  • Sergio Cámara Izquierdo

Abstract

The 2008–2010 cyclical crisis of the Mexican economy was one of the most severe since the Great Depression. The contraction of the Mexican economy was the deepest in Latin America and among the worst in the world. Though the triggers of the crisis were to be found outside Mexico, specifically in the bursting of the mortgage bubble in the United States, the aim of this chapter is to show that the severity of the 2008–2010 crisis in Mexico, both historically and in comparison to other countries, as well as the mild subsequent recovery, has its structural roots in the precariousness of the neoliberal regime of accumulation in Mexico. We argue that this precariousness is related to the specific characteristics of the neoliberal restructuring in Mexico that have resulted in its ever-increasing dependency on the US economy, a concomitant structural weakness of the domestic market, resulting from its specific articulations to the world market and its anti-labor nature, and a systemic instability, associated with its financialized nature.

Suggested Citation

  • Abelardo Mariña Flores & Sergio Cámara Izquierdo, 2016. "The Structural Causes of the Severity of the World Crisis in Mexico," Palgrave Studies in Latin American Heterodox Economics, in: Juan E. Santarcángelo & Orlando Justo & Paul Cooney (ed.), Latin America after the Financial Crisis, chapter 8, pages 165-191, Palgrave Macmillan.
    • Handle: RePEc:pal:pslchp:978-1-137-48662-2_8
    DOI: 10.1057/9781137486622_8
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