CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

The monetary pendulum in Mexico

First World priorities and the need for nations to coexist in harmony have given rise in each period to a set of rules constituting the international economic order. This is a shifting order, in which national goals move alternatively towards and away from those of an international nature. The objective of the gold standard was to uphold monetary convertibility, if necessary at the expense of national objectives. By contrast, the Bretton Woods system inverted the terms of the equation by making governments responsible for employment and growth. The monetary pendulum is now swinging back again, from nationalism to cosmopolitanism. In the case of Mexico, owing to failures of adaptation, this latest shift has translated into an all-out struggle against inflation that has brought the country to a state of chronic near-stagnation, leaving it trailing in the rear of the world development process.

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