Historical Precedents, Contemporary Manifestations: Crisis and the Socialization of Financial Risk in Neoliberal Mexico

Mexican society has experienced three costly finance-related crises in 1982, 1994-95, and 2008-09. In each case the continuity of capitalist development depended in large part on state authorities drawing the worst financial risks into the state apparatus, that is, on socialization. While most under...

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Bibliographic Details
Published in:The Review of radical political economics 2014-09, Vol.46 (3), p.308-330
Main Author: Marois, Thomas
Format: Article
Language:English
Subjects:
Accumulation
Capitalism
Capitalist development
Crises
Finance
Financial risks
Labour
Mexico
Neoliberalism
Political economy
Public Finance
Risk
Risk assessment
Socialization
Studies
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Summary:Mexican society has experienced three costly finance-related crises in 1982, 1994-95, and 2008-09. In each case the continuity of capitalist development depended in large part on state authorities drawing the worst financial risks into the state apparatus, that is, on socialization. While most understandings of socialization remain at a largely technical understanding, I argue that the socialization of financial risk in Mexico rests on distinctively class-based material and institutional processes. The processes of socialization have been historically constitutive of neoliberalism and the current phase of financial accumulation in Mexico.
ISSN:0486-6134
1552-8502
DOI:10.1177/0486613413506077