9781422286869

Finding a Financial Balance: The Economy of Mexico

Timeline 1519 Hernán Cortés arrives from Spain. 1810 Mexico begins fight for independence from Spain. 1821 Mexico gains independence from Spain. 1869 Mexico’s first oil well is drilled. 1877 Porfirio Díaz becomes president, beginning the “Porfiriato” period. 1938 Oil industry of Mexico is nationalized. 1946 Miguel Alemán becomes president and begins fueling the economy with more highways, railroads and airports. 1963 The Department of Tourism and the National Tourism Promotion Fund are created. 1970 The Federal Labor Act takes effect; this law deals with wages and employment issues. 1982 President Portillo nationalizes Mexico’s banks. 1985 Mexico City earthquake hits. 1986 Mexico enters into GATT (General Agreement on Tariffs and Trade). 1987 Mexico begins Economic Solidarity Pact, whose goal is to reduce inflation. 1988 Hurricane Gilbert strikes Mexico. 1989 The Brady Plan helps restructure Mexico’s debt. 1991 Mexico signs a bilateral free-trade agreement with Chile to reduce tariffs. 1992 Mexican, Canadian, and U.S. leaders negotiate the North American Free Trade Agreement (NAFTA), and it is signed the next year. 1994 NAFTA officially goes into effect on January 1.

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