Hostname: page-component-586b7cd67f-tf8b9 Total loading time: 0 Render date: 2024-11-23T21:39:15.320Z Has data issue: false hasContentIssue false
  • English
  • Français

The International Political Economy of Bank Nationalization: Mexico in Comparative Perspective

Published online by Cambridge University Press:  12 October 2022

Sylvia Maxfield
Sylvia Maxfield*
Affiliation:
Yale University
Rights & Permissions [Opens in a new window]

Extract

Core share and HTML view are not available for this content. However, as you have access to this content, a full PDF is available via the ‘Save PDF’ action button.

“In the last two or three years, … a group of Mexicans …, supported and advised by the private banks, has stolen more money from our country than the empires that have exploited us since the beginning of history…. They've robbed us …, but they will not rob us again.” With these words, President López Portillo nationalized Mexico's private banks and imposed controls on foreign exchange. Many of those attending this State of the Union address on 1 September 1982 stood to applaud, while the president cried and one banker fainted. Mexico's chief of state continued, “The revolution will speed up; the state will no longer be intimidated by pressure groups.”

Type
Research Article
Information
Latin American Research Review , Volume 27 , Issue 1 , 1992 , pp. 75 - 103
Copyright
Copyright © 1992 by the University of Texas Press

Footnotes

∗

Some of this article draws on my recently published book, Governing Capital: International Finance and Mexican Politics (1990a). I gratefully acknowledge the comments of Jonathan Fox, Mark Harmon, Terry Lynn Karl, Laurence Whitehead, and several anonymous LARR reviewers on earlier versions. Financial and institutional support was provided by the Centro de Investigación y Docencia Económica and the Instituto de Banca y Finanzas in Mexico City as well as by the Center for U.S.-Mexican Studies at the University of California, San Diego, and the Kellogg Institute at the University of Notre Dame.

References

Alcocer, Jorge 1984 “El desplome financiero mexicano.” Cuadernos Políticos (Mexico City) 40 (Apr.-June): 68–79.Google Scholar
BANCO DE MEXICO 1979- Indicadores de moneda y banca. Mexico City: Banco de México. 1984Google Scholar
Bell, D. S., and Criddle, Byron 1984 The French Socialist Party. Oxford: Clarendon.Google Scholar
Brannon, Jeff 1984 “A Comparative Analysis of the Bank Nationalization Decisions in France and Mexico.” Southwest Journal of Business and Economics 2 (Fall).Google Scholar
Cardoso, Fernando Henrique, and Faletto, Enzo 1978 Dependency and Development in Latin America. Berkeley and Los Angeles: University of California Press.Google Scholar
Centeno, Miguel, and Maxfield, Sylvia n.d. “The Marriage of Finance and Order: Changes in the Mexican Political Elite.” Journal of Latin American Studies, forthcoming.Google Scholar
Conchiero, Elvira, Gutierrez, Antonio, and Fragoso, Juan Manuel 1979 El poder de la gran burguesía. Mexico City: Ediciones de Cultura Popular.Google Scholar
Cordera, Rolando, and Tello, Carlos 1979 La disputa por la nación. Mexico City: Siglo Veintiuno.Google Scholar
Corro, Salvador, and Zuñiga, Juan Antonio 1982 “La banca usurera que esquilma a quien le presta y al que le pide.” Proceso (Mexico City), no. 267:12–13.Google Scholar
Dupont-Fauville, A. 1983 “Nationalization of the Banks in France: A Preliminary Evaluation.” Three Banks Review 39 (September).Google Scholar
Evans, Peter 1979 Dependent Development. Princeton, N.J.: Princeton University Press.CrossRefGoogle Scholar
Fabra, Paul 1985 “Banking under the Socialists.” In Economic Policy and Policy-Making under the Mitterrand Presidency, 1981–1984, edited by Machin, Howard and Wright, Vincent. New York: St. Martin's.Google Scholar
Fenton, Martin 1987 “A Sea Change in the Paris Markets.” The Banker, May:35–41.Google Scholar
Garrido, Celso, and Lopez, Enrique Quintana 1987 “Financial Relations and Economic Power.” In Government and Business in Contemporary Mexico, edited by Sylvia Maxfield and Ricardo Anzaldúa. Monograph Series no. 20. La Jolla: Center for U.S.-Mexican Studies, University of California, San Diego.Google Scholar
Gourevitch, Peter 1978 “The Second Image Reversed.” International Organization 32, no. 4:881–911.Google Scholar
Garrido, Celso 1986 Politics in Hard Times. Ithaca, N.Y.: Cornell University Press.Google Scholar
Hanley, David 1986 Keeping Left? CERES and the French Socialist Party. Manchester, Engl.: Manchester University Press.Google Scholar
Hernandez Rodriguez, Rogelio 1986 “La política de los empresarios después de la nacionalización bancaria.” Foro Internacional (Mexico City) 27, no. 2:247–65.Google Scholar
Katzenstein, Peter 1985 Small States in World Markets. Ithaca, N.Y.: Cornell University Press.Google Scholar
Lauber, Volkmar 1987 “Economic Policy.” In The French Socialists in Power, 1981–1986, edited by McCarthy, Patrick, 23–43. New York: Greenwood.Google Scholar
Lewis, Vivian 1981 “French Banks after Nationalisation.” The Banker, Dec.:25–27.Google Scholar
Loriaux, Michael 1988 “States and Markets.” Comparative Politics 20, no. 2:175–93.Google Scholar
Marquez, Javier 1986 La banca mexicana. Mexico City: CEMLA (Centro de Estudios Monetarios Latinoamericanos).Google Scholar
Marsh, David 1985 “Winds of Change.” The Banker, Apr.:91–95.Google Scholar
Maxfield, Sylvia 1989 “International Economic Opening and Government-Business Relations in Mexico.” In Mexico's Alternative Political Futures, edited by Gentleman, Judith, 215–37. La Jolla: Center for U.S.-Mexican Studies, University of California, San Diego.Google Scholar
Garrido, Celso 1990a Governing Capital: International Finance and Mexican Politics. Ithaca, N.Y.: Cornell University Press.Google Scholar
Garrido, Celso 1990b “Bankers' Alliances and Economic Policy Patterns: Evidence from Mexico and Brazil.” Comparative Political Studies 23, no. 4:419–58.Google Scholar
MEXICO, SPP (SECRETARIA DE PRESUPUESTO Y PLANIFICACION) 1983 Plan nacional de desarrollo, 1983–1988. Mexico City: SPP.Google Scholar
Moreno, Sergio Martin 1989 “Prospective Evolution of Domestic Banks and Non-Bank Financial Institutions.” Paper prepared for the conference “Mexico's Search for a New Development Strategy,” 6–8 April, New Haven, Connecticut.Google Scholar
Peñalosa Webb, Tomas 1986 “El proceso de intermediación financiera y la banca comercial mexicana, 1970–1985.” Paper presented at the workshop “Government and Private Sector in Contemporary Mexico,” Center for U.S.-Mexican Studies, University of California, San Diego, April.Google Scholar
Philip, Alan Butt 1985 “Comment.” In Economic Policy and Policy-Making under the Mitterrand Presidency, 1981–1984, edited by Machin, Howard and Wright, Vincent. New York: St. Martin's.Google Scholar
Ramirez, Carlos 1982 “La nacionalización de la banca respuesta a la demanda popular.” Proceso, no. 305:9–10.Google Scholar
Robinson, Alan 1982 “Portillo Pockets the Banks.” Euromoney, Oct.:47–53.Google Scholar
Rogowski, Ronald 1989 Commerce and Coalitions. Princeton, N.J.: Princeton University Press.Google Scholar
Ruiz Duran, Clemente 1984 90 días de política monetaria y crediticia independiente. Puebla: Universidad Autónoma de Puebla.Google Scholar
Saint-Simon, Henri 1958 The Doctrine of Saint-Simon, translated by Iggers, George C. New York: Schocken.Google Scholar
Tello, Carlos 1984 La nacionalización de la banca. Mexico City: Siglo Veintiuno.Google Scholar
Wise, Sidney, and Dietz, Hugo Ortiz 1982 “La nacionalización de la banca.” In El inversionista mexicana. Mexico City: n.p.Google Scholar
Bank, World 1987 Mexico after the Oil Boom: Refashioning a Development Strategy. Washington, D.C.: World Bank.Google Scholar
Zuckerman, Sam 1987 “Coup de García for Peru's Banks.” Euromoney, Sept.:321–22.Google Scholar
Zysman, John 1983 Governments, Markets, and Growth. Ithaca, N.Y.: Cornell University Press.Google Scholar