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Pesos and Politics
The relationship between business and politics is crucial to understanding Mexican history, andPesos and Politics explores this relationship from the mid-nineteenth century dictatorship of Porfirio Diaz through the Mexican Revolution (1876-1940). Historian Mark Wasserman argues that throughout this era, over the course of successive regimes, there was an evolving enterprise system that had to balance the interests of the Mexican national elite, state and local governments, large foreign corporations, and individual foreign entrepreneurs. During and after the Revolution these groups were joined by organized labor and organized peasants.
Contrary to past assessments, Wasserman argues that no one of these groups was ever powerful enough to dominate another. Because Mexican governments and elites committed themselves to economic models that relied on foreign investment and technology, they had to reach a balance that simultaneously attracted foreign entrepreneurs, but did not allow them to become too powerful or too privileged.
Concentrating on the three most important sectors of the Mexican economy: mining, agriculture, and railroads, and employing a series of case studies of the careers of prominent Mexican business people and the operations of large U.S.-owned ranching and mining companies, Wasserman effectively demonstrates that Mexicans in fact controlled their economy from the 1880s through 1940; foreigners did not exploit the country; and, Mexicans established, sometimes shakily, sometimes unplanned, a system of relations between foreigners, elite and government (and later unions and peasant organizations) that maintained checks and balances on all parties.
eBook
Ethnic Entrepreneurs, Crony Capitalism, and the Making of the Franco-Mexican Elite
A groundbreaking historical narrative of corruption and
economic success in Mexico
Ethnic Entrepreneurs, Crony Capitalism, and the Making of the
Franco-Mexican Elite provides a new way to understand the
scope and impact of crony capitalism on institutional development
in Mexico. Beginning with the Porfiriato, the period between 1876
and 1911 named for the rule of President Porfirio Díaz,
José Galindo identifies how certain behavioral patterns of
the Mexican political and economic elite have repeated over the
years, and analyzes aspects of the political economy that have
persisted, shaping and at times curtailing Mexico’s
economic development. Strong links between entrepreneurs and
politicians have allowed elite businessmen to receive privileged
support, such as cheap credit, tax breaks, and tariff protection,
from different governments and to run their companies as
monopolies. In turn, successive governments have obtained support
from businesses to implement public policies, and, on occasion,
public officials have received monetary restitution. Galindo
notes that Mexico’s early twentieth-century institutional
framework was weak and unequal to the task of reining in these
systematic abuses. The cost to society was high and resulted in a
lack of fair market competition, unequal income distribution, and
stunted social mobility. The most important investors in the
banking, commerce, and manufacturing sectors at the beginning of
the twentieth century in Mexico were of French origin, and
Galindo explains the formation of the Franco-Mexican elite. This
Franco-Mexican narrative unfolds largely through the story of one
of the richest families in Mexico, the Jeans, and their cotton
textile empire. This family has maintained power and wealth
through the current day as Emilio Azcárraga Jean, a
great-grandson of one of the members of the first generation of
the Jean family to arrive in Mexico, owns Televisa, a major mass
media company with one of the largest audiences for
Spanish-language content in the world.
eBook
Market Seeking Orientation and Performance in China: The Impact of Institutional Environment, Subsidiary Ownership Structure and Experience
Many foreign firms tend to follow the market-seeking mandate in China. However this orientation alone does not guarantee superior performance. From the perspectives of strategic fit and institutional theory, this research seeks to reveal several conditions under which market-seeking MNEs can achieve superior performance in China. We identify three performance contributors to marketing seeking FDI: the host country's favorable formal institutions towards FDI, the subsidiaries' operational experience and absorptive capacity in the host country, and the ownership structure of the subsidiary. Using data of 5,080 foreign invested subsidiaries in 2003–2010, our findings support the hypotheses that market-seeking orientation becomes more profitable for foreign subsidiaries in China when (1) the host country provides a more favorable institutional framework towards FDI; (2) the subsidiary has a longer history of FDI operation in the host country that leads to stronger absorptive capacity; and (3) the subsidiary is organized in a wholly owned manner.
Journal Article
The General Distribution of China's Productivity in the 21st Century (Volume 1)
It is a chaotic scene, causing headaches to the government and much harm to investors and borrowers alike. The regulatory stance is full of intrigue. But things are not all negative. If fintech can enable all subprime borrowers to access credit cheaply, safely, and cost-effectively, all the chaos and trouble will have been worthwhile.
eBook