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How was Mexico hurt by trying to develop just one major industry?
Wiki User
∙ 9y ago
When the 1973 Oil Crisis hit the developed world, Mexican Presidents Luis Echeverria and Jose Lopez Portillo began to rely heavily on oil exports to support the financial needs of the country, taking advantage of the high oil prices. When the market eventually stabilized, the little diversification of exports resulted in an economic slump and a devaluation of the Peso by 500%. This is often called the Lost Decade or Decada Perdida(1973-1982). Three years later, the Mexico City Earthquake(1985) further deteriorated the Mexican economy, as Mexico City, which agglomerates 20-25% of the country's national income, was heavily hit by such natural disaster.
Wiki User
∙ 9y ago
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