Miguel de la Madrid
Encyclopedia
Miguel de la Madrid Hurtado (born December 12, 1934) is a Mexican
politician affiliated to the Institutional Revolutionary Party
(PRI) who served as President of Mexico
from 1982 to 1988.
(UNAM) and received a master's degree in Public Administration from the John F. Kennedy School of Government
at Harvard University
, in the United States
.
He worked for Mexico's central bank
and lectured in law at UNAM before securing a position at the Secretariat of Finance
in 1965. Between 1970 and 1972 he was employed by , 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 4 July 1982, and took office the following December.
He is a member of Collegium International
, an organization of leaders with political, scientific, and ethical expertise whose goal is to provide new approaches in overcoming the obstacles in the way of a peaceful, socially just and an economically sustainable world.
. 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presidency, he introduced liberal economic reforms that encouraged foreign investment, and widespread privatisations of outdated state-run industries and reduction of tariffs, a process that continued under his successors, which immediately caught the attention of the International Monetary Fund
(IMF) and other international observers. In 1986, Mexico entered the General Agreement on Tariffs and Trade
(GATT) treaty, following 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 was 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.
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
politician affiliated to the Institutional Revolutionary Party
Institutional Revolutionary Party
The Institutional Revolutionary Party is a Mexican political party that held power in the country—under a succession of names—for more than 70 years. The PRI is a member of the Socialist International, as is the rival Party of the Democratic Revolution , making Mexico one of the few...
(PRI) who served as President of Mexico
President of Mexico
The President of the United Mexican States is the head of state and government of Mexico. Under the Constitution, the president is also the Supreme Commander of the Mexican armed forces...
from 1982 to 1988.
Biography
Miguel de la Madrid graduated with a bachelor's degree in Law from the National Autonomous University of MexicoNational Autonomous University of Mexico
The Universidad Nacional Autónoma de México is a university in Mexico. UNAM was founded on 22 September 1910 by Justo Sierra as a liberal alternative to the Roman Catholic-sponsored Royal and Pontifical University of Mexico The Universidad Nacional Autónoma de México (UNAM) (National Autonomous...
(UNAM) and received a master's degree in Public Administration from the John F. Kennedy School of Government
John F. Kennedy School of Government
The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...
at Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
, in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
He worked for Mexico's central bank
Banco de México
The Bank of Mexico , abbreviated BdeM or Banxico, is Mexico's central bank and lender of last resort. The Bank of Mexico is autonomous in exercising its functions, and its main objective is to achieve stability in the purchasing power of the national currency.On December 15, 2009, Agustín Carstens...
and lectured in law at UNAM before securing a position at the Secretariat of Finance
Secretariat of Finance and Public Credit
The Secretariat of Finance and Public Credit is Mexico's finance ministry. The Secretary of Finance and Public Credit is a member of the federal executive cabinet and is appointed by the President of the Republic.In Mexico the Secretary of Finance is the head of the Secretariat of Finance and...
in 1965. Between 1970 and 1972 he was employed by , Mexico's state-owned petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
company, after which he held several other bureaucratic posts in the government of Luis Echeverría
Luis Echeverría
Luis Echeverría Álvarez served as President of Mexico from 1970 to 1976.-Early history:Echeverría joined the faculty of the National Autonomous University of Mexico in 1947 and taught political theory...
. In 1976 he was chosen to serve in José López Portillo
José López Portillo
José López Portillo y Pacheco was the President of Mexico from 1976 to 1982.Born in Mexico City, López Portillo studied Law at the National Autonomous University of Mexico before beginning his political career with the Institutional Revolutionary Party in 1959.He held several positions in the...
's cabinet as secretary of budget and planning.
He was president after López Portillo. He won the elections that took place on 4 July 1982, and took office the following December.
He is a member of Collegium International
Collegium International
International Ethical, Scientific and Political Collegium, also called Collegium International is a high-level group created in 2002.-Origin:...
, an organization of leaders with political, scientific, and ethical expertise whose goal is to provide new approaches in overcoming the obstacles in the way of a peaceful, socially just and an economically sustainable world.
Mexican presidency
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 because of his predecessors' policies, as well as the decreasing demand for oil1980s oil glut
The 1980s oil glut was a serious surplus of crude oil caused by falling demand following the 1970s Energy Crisis. The world price of oil, which had peaked in 1980 at over US$35 per barrel , fell in 1986 from $27 to below $10...
. 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 liberal economic reforms that encouraged foreign investment, and widespread privatisations of outdated state-run industries and reduction of tariffs, a process that continued under his successors, which immediately caught the attention of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) and other international observers. In 1986, Mexico entered the General Agreement on Tariffs and Trade
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization . GATT was signed in 1947 and lasted until 1993, when it was replaced by the World...
(GATT) treaty, following 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 was enough to bring him some strong support, but his administration's mishandling of the infamous 1985 earthquake in Mexico City
1985 Mexico City earthquake
The 1985 Mexico City earthquake, a magnitude 8.0 earthquake that struck Mexico City on the early morning of 19 September 1985 at around 7:19 AM , caused the deaths of at least 10,000 people and serious damage to the greater Mexico City Area. The complete seismic event...
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.