Mexico- The Latinamerican Giant

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In the world there are clearly economic gaps amongst nations– with most of the wealth concentrated in few countries. Mexico, considered a Latin American giant, is currently labeled as a developing nation due to its less developed economic and social state when compared to other more affluent nations. The reasons as to why Mexico has not yet reached a developed state is due to a number of factors, but the most prevalent are its colonial legacy and the inefficiency of its institutions to overcome issues of corruption and public insecurity that contribute to the growing class discrepancy and feed the current drug war. While colonial legacy and weak institutions prevents the nation from advancing there is potential to overcome these issues to become a developed nation and serve as a model for other Latin American countries. Mexico has had periods of rapid economic growth that have brought a lot of prosperity to the country despite its current stagnation. From 1877 to 1911, Mexico enjoyed a period of affluence known as the Porfiriato, on account of President Porfirio Diaz who exercised a dictatorship during most of that time (Kehoe & Meza, 2011). For over three decades, there were major investments in the country’s electricity, telephone, and railroads, which expanded across the nation. Railroad expansion boosted the country’s economy on many levels (Kehoe & Meza, 2011). Domestic labor migration was more accessible and workers could move across the country in search of jobs (Kehoe & Meza, 2011). In addition, the ease by which raw material could be transported led to a reduction in prices (Kehoe & Meza, 2011). The country enjoyed prosperity up until the civil war broke out in 1911. Population numbers went down due to bloodshed, migrati... ... middle of paper ... ..., Michael. "Family and gender issues." Encyclopedia Britannica Online. (accessed March 15, 2014). O'Neil, Shannon. "Mexico: Development and Democracy at a Crossroads." Council on Foreign Relations. (accessed March 16, 2014). The Editors of Encyclopædia Britannica. "Institutional Revolutionary Party (PRI) (political party, Mexico)." Encyclopedia Britannica Online. (accessed March 16, 2014). The Economist Newspaper. "A century of decline." The Economist. (accessed March 16, 2014).
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