The Mexican Economy, 1870-1930: Essays on the Economic History of Institutions, Revolution, and Growth
Until the last decades of the nineteenth century, Mexico faced the twin problems of chronic political instability and slow economic growth. During the period of the Porfirio Díaz dictatorship (1876-1911), however, a series of institutional reforms reignited growth and created rents that enabled the Díaz government to threaten its opponents with military force or to buy them off.
These institutional reforms came out of distinctly political processes, which often had to be brokered among multiple groups of economic elites and regional political bosses. Therefore, they were often structured to encourage investment by specifying property rights or creating streams of rents for particular entrepreneurs. In short, Porfirian Mexico is an excellent natural laboratory in which to investigate not only how institutional change can foment economic growth, but also how specific features of political institutions give rise to specific economic institutions that have both positive and negative effects on growth and distribution.
In fact, the distributional consequences of the Porfirian regime gave rise to the Mexican Revolution of 1910-1917, which produced a further round of dramatic changes in Mexico s political institutions. These changes, in turn, restructured the institutions that governed property rights and those that determined the allocation of rents generated by property rights. This book aims both to identify the crucial institutions and to measure their economic effects.
In addressing these issues, the contributors to this volume employ theoretical insights from the New Institutional Economics and statistical hypothesis-testing as well as traditional archival methods. Thus, in addition to advancing the field of Latin American economic history by studying the interaction of political and economic institutions during the period 1870-1930, the book also makes a methodological contribution by using analytic tools not previously employed in the literature.
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1a Average Value of Output per Firm by Type of Firm
3a Output Growth Regression Results
Financial Market Reform
The Legal System Institutional Change and Financial
Institutional Change and Foreign Trade in Mexico 18701911
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Article assets average Banamex Banco de Londres Banco Hipotecario Banco Nacional bank's banking system banknotes Boletín bondholders bonds capital CIVSA cº cº collective contracts costs cotton textiles customs debt Díaz domestic Dublán duties económica El Economista Estadísticas factory FCNUS federal Figure firms fiscal Gómez-Galvarriato growth Haber Herfindahl index implicit increased inputs institutional change interest investment investors Kuntz Ficker labor legislation levels Limantour loans Londres y México long-term credit manufacturing Mazatlán ment Mexican government Mexican Revolution Mexico City million pesos mills Monterrey mortgage banks mortgage credit mortgage loans Nuevo León oc oc oc Orizaba owners percent political Porfirian Porfiriato Porfirio Díaz production property rights Puebla ratio real wages reduced reforms reglamento regulations revenue revolution Secretaría de Hacienda sector Spec specific structure t-stat Table Tariff classes tariff protection textile industry tion Trabajo unions valorem equivalent valorem tariff Veracruz workers