Mexico, economic policy 2019-2024: capitalism with social and regional progress?

Abstract

This paper analyzes whether President López Obrador's administration has succeeded in transforming the nation's economic project, steering it toward a modernization of capitalism with greater social and regional progress. Through a comparative analysis from a political economy perspective, three key stages of the Mexican economy are contrasted: 1934–1982, marked by strong state intervention; 1983–2018, characterized by market dominance; and 2019–2024, with a return to an active role for the State in economic and social life. The findings suggest that in the most recent period, there has been an attempt to reorient economic growth, prioritizing the most vulnerable sectors, making strategic investments—especially in the southeast of the country—and maintaining economic stability, even in the adverse context of the pandemic and pressure from opposition groups. The paper concludes that there has been a redirection of economic policy, with minimal redistributive impact and a renewed role for the State as a promoter of development, though with enormous challenges in promoting social welfare.