What is mexican miracle?

The Mexican Miracle refers to a period of rapid economic growth that took place in Mexico between the 1940s and the early 1970s. This economic boom was fueled by government intervention in the economy, with industrialization and increased agricultural productivity playing key roles.

During this period, Mexico experienced significant industrialization and urbanization, with the establishment of large manufacturing industries and the growth of urban centers. This led to a rise in living standards and an increase in per capita GDP.

One of the key factors driving the Mexican Miracle was the government's focus on import substitution industrialization, which aimed to reduce Mexico's dependence on foreign imports by promoting the growth of domestic industries. The government also invested heavily in infrastructure projects, such as roads, railways, and ports, to support the expansion of industry.

However, the Mexican Miracle eventually came to an end in the 1970s, as the economy faced challenges such as high inflation, growing external debt, and a decline in oil prices. This led to a period of economic stagnation known as the "lost decade" in the 1980s.

Overall, the Mexican Miracle was a period of significant economic growth and development for Mexico, but it also highlighted the limitations of a state-led economic model and the need for reforms to ensure long-term economic stability and growth.