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The 1982 Mexican Bank Statization and Unintended Consequences for the Emergence of Neoliberalism

  • Thomas Marois (a1)
Abstract

Abstract. The 1982 Mexican presidential decision to statize all domestic commercial banks was meant to reset state bank capital relations and salvage some form of state-led capitalism. However, bank statization had the counterintuitive and ultimately unintended consequence of enabling a more rapid transition to neoliberalism, financialization and market-led capitalism than otherwise may have been possible. The implications of this are profound as alternatives to neoliberalism that seek a return to state-led development are ultimately flawed without more collective, local, and substantively democratic calls for the control of credit and, hence, human development.

Résumé. La décision présidentielle mexicaine de 1982 d'étatiser toutes les banques commerciales domestiques avait pour but la reconfiguration des relations capitalistes État-banque afin de récupérer une certaine forme de capitalisme étatique. Or, ce processus eu pour conséquences inattendues l'accélération de la transition au néolibéralisme, à la financiarisation et au capitalisme de marché. Les implications sont profondes pour les alternatives au néolibéralisme qui, cherchant un retour au capitalisme d'État, s'avèrent inefficaces sans un contrôle collectif, local et démocratique du crédit et, par ricochet, du développement humain.

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Corresponding author
Thomas Marois, Department of Political Science, York University, 4700 Keele Street, 672 Ross Building, Toronto, Ontario, M3J 1P3, Canada, tmarois@yorku.ca
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