This article examines the civic festivals held in nineteenth-century Spanish America to commemorate independence from Spain. Through such festivals political leaders hoped, in Hobsbawm's words, ‘to inculcate certain values and norms of behaviour by repetition, which automatically implies continuity with the past’. But when did the ‘past’ begin? If in nineteenth-century France the French Revolution was the time of history, in Spanish America there was no consensus on when history began. The debates about national origins embedded within the nineteenth-century civic festival not only suggest how political elites viewed their Patrias but also shed light on the position of indigenous culture (usually separated hygienically from indigenous peoples themselves) within the developing national histories of post-independence Spanish America.

In 1848 the moderado administration of General José Joaquín Herrera staged public ceremonies to honour the ‘polko’ national guardsmen who had died defending Mexico City during the recent war with the USA. Herrera's government attempted to use the rituals to alleviate the pain of defeat and bring together a divided nation, as well as to reorganise the national guard into a military force manned by the well-to-do that would help preserve political stability and social harmony. Herrera's state-building project ultimately failed because the ceremonies could not surmount the tensions that afflicted Mexico. In the long run, the inability to restructure the national guard allowed Mexican statesmen in the late 1800s to disband that military force and to diminish its status in national patriotic discourse.

This article reassesses the influence of American business on US foreign policy towards Nicaragua, 1893–1912. It describes three episodes that involved American interests in Nicaragua – the Reyes uprising of 1899, the Emery claim of 1903–1909, and the US & Nicaragua Mining Company claim of 1908–1912 – as evidence for a different interpretation of US policy, one which stresses how the influence and material interests of American ‘men on the spot’ framed the ways in which the State Department came to understand American aims in Nicaragua. Earlier accounts of ‘Dollar Diplomacy’ do not adequately acknowledge the significant political consequences of American merchant activity on the Mosquito Coast.

Policy innovation poses a great challenge to governments to generate stable expectations about a new set of incentives. Drawing on the results of a survey conducted in mid-1999, this article explores the sources and characteristics of top leaders' perceptions about the programme of structural reforms implemented in Argentina during the last decade. In particular, it tries to assess and measure whether a reformist consensus between political and business leaders emerged around the privatisation and regulation policies, what the main issues around which that consensus revolves are, and to what extent it may translate into a source of stability and consolidation of reforms.

The article reexamines financial market opening in Mexico. This article will show how change in Mexico's financial sector created a powerful private sector ally for reform-oriented politicians and helped make financial opening possible. It will also show how financial opening reflected the support coalition that the government relied upon by rewarding the financial sector with protection from foreign direct investment in financial institutions while liberalising portfolio capital flows. Finally, this article will illustrate the importance including an analysis of local financial sector interests in explanations of financial opening.

This article examines the impact of a decade of neoliberal policies on poverty and income distribution in Brazil. It demonstrates that while trade and market reform contributed towards the attainment of price stability and accelerated capital inflows, little was achieved by way of reducing income inequality and poverty. The article concludes by outlining the policy options which might be adopted to tackle this critical problem.