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Economía UNAM

versión impresa ISSN 1665-952X


SUAREZ DAVILA, Francisco. A Great Economic Debate Through our History, the Liberals Against the Keynesian Developmentalists. Economía UNAM [online]. 2018, vol.15, n.45, pp.3-28. ISSN 1665-952X.

One of the great economic debates in our history was the one between “liberals” and "Keynesian developmentalists". It started during the Great Depression of 1929, when Finance Minister Montes de Oca following liberal policies of “sound finance”, plunged Mexico into a serious fall of income. As a reaction, Eduardo Suárez, the Minister of Finance, under President Cárdenas, established the basis for a “developmentalist strategy”, applying also countercyclical Keynesian policies. The result was the most successful economic period in our history: 40 years at 6% annual growth from 1933 to 1973. During the last part of the period, Minister Ortiz Mena, would also achieve price stabilization. The model was systematically criticized by the prominent liberal group. We do not pretend a go back to the past. The strategy showed evident failures and limitations, towards 1970. But its essence has been adapted to modern circumstances by successful emerging countries like China (“neodevelopmentalism”). The debate has great actuality in Mexico’s present moment, when it needs to recover from “stability with stagnation”, to a new route “accelerating growth that is socially inclusive.

Palabras llave : History of Economic Thought; Classical; Neoclassical; B; B12; B13.

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