The aim of this article is to analyze the current phase of the global crisis and the way it has manifested itself in Latin America. The global crisis is the most important capitalist crisis since World War II. It is a new type of debt-deflation crisis, highlighting the limits of the finance-dominated regime of accumulation and characterized by securitization. Latin American countries have not been immune to the global crisis. Since it sets limits on globalization, the impossibility of maintaining exportdriven accumulation sustained by restrictive monetary and fiscal policies becomes clear. This time, there will be no way out in external markets for any country. That fact will force them to restructure productive systems and search for a way out in domestic markets and in regional spaces for integration.
This article is devoted to analyze changes in economic policy to be adopted by Mexico if a national development project were implemented. Starting from an evaluation of the main economic and political outcomes of Vicente's Fox administration, the author proposes an alternative development strategy which permits Mexico to overcome economic stagnation. That strategy would be based in recovering the internal market as the dynamical focus of the economy with the purpose of satisfying basic needs of people. To be successful this strategy should to confront the "critical knots" of the Neo-liberal model: to reverse the uneven distribution of income; abandoning the fixing of restrictive monetary, fiscal and exchange rate policies; and mobilizing economic surplus by means of a profound revision of debt service schemes. It concludes that to implement a national development project it is required a political and economic strategy to dismantle neoliberalism, which is an antinational structure of power.
Since 1982 the problems of Latin America's foreign debt have been headline news. Prior to that, indebtedness was a cause for pride among political and business leaders because they believed the growing debt reflected the confidence of international banking in the apparent soundness of Latin America's economies. At the present time the debt is not only a daily reality, it is also a cause of growing preoccupation. Everyone is beginning to make the connection between the payment of the debt and the deteriorating conditions of their life and work.This article attempts to advance the study of Latin America's external debt. It analyzes the historical process of indebtedness, the causes and factors conditioning its origins and rapid growth, the internal utilization of the loans obtained, and the impact of debt service on economic growth and the accumulation of capital. Although several of the hypotheses set forth in this work are applicable to Latin America as a whole, they are mainly founded on the Mexican case.
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