Restructuring through the Depression: The State and Capital Accumulation in Mexico, 1925–40

  • E. V. K. FitzGerald
Part of the St Antony’s Series book series (STANTS)


The shock-wave of the Depression, as it spread out from New York in 1929, dealt a severe blow to an economy still in the throes of reconstruction after the first major revolutionary upheaval on the American continent: between 1928 and 1932 the external terms of trade fell by 50%, the real value of exports by 75% and output by 21%. None the less, by 1935, production had recovered and despite an import capacity of about half its previous level, growth and accumulation began the long upward trend from which they have only recently departed. Although, as other chapters in this volume indicate, neither the degree of the shock nor the rapidity of the recovery were unique, the extent of Mexican ‘openness’ in trade, finance and ownership to the USA on the one hand, and the scale of the restructuring of the economy under state direction on the other, do make Mexico an extreme, if not a special, case.


Monetary Policy Income Distribution Mexico City Real Wage Capital Accumulation 
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Copyright information

© St Antony’s College, Oxford 1984

Authors and Affiliations

  • E. V. K. FitzGerald

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