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Economic Development of Central America Econ. 4200 - Spring 2004 – Dr. Taylor - page 56 / 153

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US engineered a bailout by backing (attached loan guarantees) a new issuance of Mexican government bonds.

NAFTA: hope was that it would shore up the Mexican economy and generate jobs. It has for Mexico so that now Mexico is the second largest trading partner of the US. A new trade agreement between Mexico and the EU signed in 2000.

Resulted in the globalization of Mexico.

Analysts have noted that NAFTA has contributed to a trend toward more representative government and that globalization has undercut the state-centered regime of the PRI.

Still, there are far to many Mexicans who live below the poverty level. Of the 40 million poor, 18 million are characterized as living in “extreme poverty”.

Income distribution is skewed with the richest 20% in control of 58% of the nation’s wealth while the poorest 20% control only 4%.

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