Courtesy Reuters

Mexico at the Brink

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Mexico’s famed political stability has not been destroyed by the country’s current economic crisis. But that stability can no longer be taken for granted.

Over the past half-century, the Mexican political system has brought economic development, albeit unjustly distributed, inefficiently planned and plagued with waste and corruption. It has ensured social peace and political continuity, although with recurrent repression and electoral fraud. And it has maintained peaceful relations with the United States, despite asymmetries, irritants and sporadic confrontations. These three pillars of Mexico’s stability, which is unique in Latin America, are not yet crumbling, but all are growing weaker, as is the political system they sustain.

The causes of Mexico’s deepest crisis in modern times are clearly economic; the crisis is rooted in the country’s 1982 financial crash and has been compounded since then by economic stagnation, austerity measures and the devastating earthquakes that hit Mexico in September. But the most immediate and acute expression of the crisis is political. Though the consequences of a breakdown in the political system would be chiefly domestic, there could be grave repercussions for the United States.

President Miguel de la Madrid has encountered many unsolvable problems since he took office in December 1982: a present-day $100-billion foreign debt; a five-percent drop in GNP in 1983 with no prospect of renewed economic growth; rampant corruption at most levels of national life; a country disappointed in itself, questioning its direction. But the principal challenge the president, and Mexico, face today is the total

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