Mexico: the Great Depression and the Coronacrisis, 1929 and 2020

Eduardo Loría ()

Brazilian Journal of Political Economy, 2023, vol. 43, issue 2, 442-464

Abstract: By contrasting the Great Depression and the Coronacrisis, we demonstrate thatnarrative economics (Shiller, 2017) is key in the analysis of economic fluctuations. We notethe importance of the populist narrative to understand the economic and health outcomesof the Coronacrisis in Mexico and highlight the role of the predominance of differenteconomic paradigms in economic policy decision-making. We suggest that, just as in 1929,by following orthodox primary fiscal balance sheet policies at the cost of contractinggovernment investment, the Mexican economy will undergo a long and painful recoveryprocess compared to its global peers. JEL Classification: B22; E02; E32; E62; E71.

Keywords: Narrative economics; Coronacrisis; Great Depression; economic populism; history of economic thought (search for similar items in EconPapers)
Date: 2023
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