Word: echeverria
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There are some checks and balances, but in typical Mexican fashion, they operate indirectly. If a President leans too far to the left, as did López Portillo's predecessor, Luis Echeverria, businessmen can express their displeasure by withholding investments; if he leans too far to the right, as did Gustavo Diaz Ordaz, who ruled from 1964 to 1970, labor leaders and peasant organizations can protest with crippling strikes. To accommodate such pressures, Mexican Presidents usually swing away from the direction of their predecessors, in an effort to appease whatever faction was left most dissatisfied by the previous administration. Echeverria...
During the erratic presidency of Luis Echeverria, the system came closer to breaking down than at any other time since the 1910 revolution. Frightened by his leftist economic proposals, like forming state enterprises and financing them with freshly printed money, many businessmen quietly transferred funds to safer havens, in Europe and the U.S. Inflation and a declining balance of trade forced Echeverria to devalue the peso in 1976 by about 50%, incurring the anger
...Echeverria's rhetoric and his apparent commitment to social change terrified the Mexican bourgeoisie. A group of American congressmen warned that Mexico was becoming a socialist country and that before long a new 'Red Cuba' would emerge south of the border. The general fear created by this situation caused the outflow of a considerable amount of capital, precipitating the devaluation of the peso last August from eight American cents to four. By this time nearly half of Mexico's labor force was out of work or underemployed, and inflation reached an annual rate of 25 per cent. In the three...
...Echeverria did little to alleviate the political crisis. Widespread rumors that the President was planning a coup to stay in power were faced by an unexpected, and hardly reassuring, display of power. In November, charging that large landholdings were unconstitutional, he ordered the expropriation of 243,000 acres in the northern state of Sonora. The land was to be given to the landless peasantry; and overnight, 8000 farm families moved into the land. Landowners and the industrial elites all over the country resisted by closing down shops and factories for 24 hours across the nation...
...achieve the income redistribution to which he is committed, lower the inflation rate, and increase employment. Mexico has already begun to reciprocate by showing good will and a more concilliatory attitude toward the United States. Lopez Portillo's diplomatic style is less boisterous and more pragmatic than that of Echeverria. He has already shown his desire for a better relationship by sending gas and oil to areas of the United States where the winter created a shortage. He has also shown some willingness to provide the United States with oil once its newly discovered reserves, estimated at 40 per cent...