The Stock Exchange, the State and Economic Development in Mexico, 1932-1976

JAVIER MORENO-LAZARO
REVISTA DE HISTORIA ECONÓMICA / JOURNAL OF IBERIAN AND LATIN AMERICAN ECONOMIC HISTORY 33.2 (2015): 321-350

Abstract: In this article I examine the history of the Mexican Stock Exchange from the end of the Revolution until 1975, under the hypothesis that it did not carry out its pertinent functions in corporate financing but was rather an economic and political instrument of the government. Due to state intervention and the deficient definition of property rights, its functioning was completely anomalous except during this period. The article represents a first step in the study of the role of the stock exchange in Latin American corporatist economic models.