Abstract

IBARRA, David. Crisis, consumerism, dollarization. Economía UNAM [online]. 2009, vol.6, n.16, pp.9-22. ISSN 1665-952X.

In this article, David Ibarra analyzes the causes and evolution of the current economic crisis. He reviews the most significant processes involved in the international crisis and examines how counter-measures have evolved. He goes on to point out that Mexico continues to be far behind in conceiving and implementing strategic actions to overcome structural dangers and simultaneously deal with an extremely unfavorable immediate situation. Ibarra proposes a strategy focused on rebuilding our financial system and correcting its deficiencies, protecting the population's economic welfare, and breaking down the ideological prejudices about state intervention and the belief in the sanctity of the market and having a balanced budget in times of crisis. The author concludes that internationally, anti-crisis measures have evolved from orthodox treatment to introducing institutional changes in the financial sector, and by now, the measures being introduced are Keynesian together with audacious monetary actions, despite all ideological barriers, the powerful interests that generate fear, and the resistance to changing the rules of the game. By contrast, Mexico is way behind in recognizing the gravity of the situation, and its public policy responses are reactive, timid and clearly insufficient. Government public policies responding to the crisis have barely begun to be restructured and to be politically accepted by the public, the business community and workers.

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