Infrastructure, Debt and Development: Current Lessons from Mexican Crisis 1994-1996

Given the 2008 crisis there has been a renewed interest in the historical perspective for the study of such type of crisis. The history of Mexico in the 90s is somewhat an interesting case to study, clue to the clear linkages between political capacity and macroeconomic political reform. In such decade, macroeconomic reforms were combined with liberalization of commerce through NAFTA. These measures created a quick recovery through exports and intensive manufacture production. Moreover, it was also important to define that debt management was not enough to ensure long term growth. It is dear now that to induce growth it is also important to create infrastructure, protect the environment and strenghtening urban planning. In this third stage of globalization, structural reform should consider at least four other issues: poverty, injustice and inequialities; planning; a better vision of future; and democratic governance.