By Strom C. Thacker
Latest theories of financial liberalization fail to account for Mexico's reports. Why has the Mexican executive risked alienating its fundamental constituencies by means of pursuing alternate starting and becoming a member of NAFTA? monstrous company, the nation, and loose alternate argues that Mexico's alternate reforms are the made from the formation of political coalitions among company and the kingdom in numerous overseas contexts. It covers the NAFTA negotiations intimately, with a unique case examine at the automobile undefined. As Mexico democratizes, business-government coalitions turns into more and more vital.
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Additional resources for Big Business, The State, and Free Trade: Constructing Coalitions in Mexico
16 At the nominally low levels typical of a capital-scarce developing country like Mexico, p and r could conceivably lower expected returns to capital below that of a relatively capital abundant but politically stable - country. The only way for a government to counter this tendency would be to alter p and R&, since r is a characteristic of the investors themselves. State policy makers could undertake measures such as interest rate hikes in an attempt to raise Rk directly to compensate for the downward pull of p and r.
The factor-price equalization theorem) backing it, this is not a commonly held view. I argue that in this case common wisdom is correct, but for largely unrecognized reasons having to do with the dynamics of investor perceptions and behavior. We can reconcile the intuitive capital mobility argument and traditional economic theory by broadening the definition of the preferences of investors and policy makers. Most crucially, the expected returns to capital in a given country should be discounted by a figure that captures the effects of political risk inherent to a given country, as well as a general risk aversion factor for investors (see also Alesina and Perotti 1993).
Business plays a distinctly subordinate role in most previous analyses of Mexico's economic reforms in the 1980s and 1990s. Facing tremendous pressures during the debt crisis (especially after the 1985 fall in oil prices), President Miguel de la Madrid and a small team of advisors used their control over key state institutions and agencies to adopt radical new trade policies beginning in 1985. Mexico's presidentialist and corporatist political system facilitated the power of free market government technocrats, whose rapid rise through the political hierarchy coincided with the collapse of Mexico's inward-looking, oil- and lending-based development strategy.
Big Business, The State, and Free Trade: Constructing Coalitions in Mexico by Strom C. Thacker