Everything about Miguel De La Madrid totally explained
Miguel de la Madrid Hurtado (born
December 12,
1934) was
President of Mexico, representing the
Institutional Revolutionary Party (PRI), from 1982 to 1988.
Biography
Miguel de la Madrid studied law at the
National Autonomous University of Mexico (UNAM) and Public Administration at
Harvard University in the
United States.
He worked for
Mexico's
central bank and taught law at the UNAM before securing a position at the treasury in
1965. Between
1970 and
1972 he was employed by
Pemex,
Mexico's state-owned
petroleum company, after which he held several other bureaucratic posts in the government of
Luis Echeverría. In
1976 he was chosen to serve in
José López Portillo's cabinet as secretary of budget and planning.
He was president after López Portillo. He won the elections that took place on
July 4,
1982, and took office the following December.
Unlike previous Mexican leaders, he was a market-oriented President, and his time in power was one of the most difficult periods of the country thanks to his predecessors' policies, as well as the
decreasing demand for oil. Inflation increased on an average of 100% a year (culminating to an unprecedented level of 159% in
1987), unemployment rates soared to as much as 25% during the mid-
1980s, income declined and economic growth was erratic. This became a stark reminder of the gross mismanagement and inept policies of the administrations in the 1970s, particularly the financing of development with excessive borrowing from abroad.
During de la Madrid's presidency, he introduced neo-liberal economic reforms that encouraged foreign investment, as well as widespread privatisations of outdated state-run industries and reduction of tarrifs, a process that would continue under his successors, which immediately caught the attention of the IMF and other international observers. In
1986, Mexico entered the
GATT treaty, thanks to its efforts of reforming and decentralising its economy. All told, the number of state-owned industries went down from approx. 1,155 in 1982 to 412 in 1988. This is enough to bring him some strong support, but his administration's mishandling of the infamous
1985 earthquake in Mexico City damaged his popularity for initially refusing international aid, and it placed Mexico's delicate path to economic recovery on an even more precarious situation, as the destruction also extended to other parts of the country.
Galloping inflation, the controversial privatisation programme and austerity measures imposed by his administration caused the ruling party to lose ground, leading up to the controversial elections of
1988.
The next president was
Carlos Salinas.
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