The State and the Macroeconomy in the “Miracle” Years: 1940-1970
This chapter discusses the major initiatives that the state developed to promote industrialization during the so-called miracle years from 1940 to 1970. In the stage of primary industrialization, the state clearly set about to build an industrial base, but the means for achieving this were never subject to preconceived deliberations of either a theoretical or tactical nature. Nafinsa was created in 1934 and restructured in December 1940 to emphasize the promotion of industrialization. Miguel Aleman's sexenio was framed and defined by an export boom in agricultural commodities driven first by reconstruction from World War II and by the commodities boom sparked by the Korean war. In terms of altering the structure of the economy toward industry, the stabilized growth model achieved considerable success. The underconsumption interpretation of the structural crisis of the 1970s concentrated upon internal factors of a much broader nature, particularly the role of effective demand.