When he assumed the presidency in 1982, Miguel de la Madrid Hurtado inherited a country tottering on the edge of economic collapse. An 11% drop in the price of oil coupled with spiraling interest rates had left Mexico $85 billion in debt and forced international bankers to cobble together an emergency rescue plan. The Harvard-trained De la Madrid instituted a painful austerity program that devalued the peso, sharply curtailed imports and cut government spending, including costly subsidies on basic goods and services. In an effort to stimulate future growth, he sold off some state-owned enterprises and invited foreign investment. Now, halfway...
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