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

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  • Eduardo Loría

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.

Suggested Citation

  • Eduardo Loría, 2023. "Mexico: the Great Depression and the Coronacrisis, 1929 and 2020," Brazilian Journal of Political Economy, Center of Political Economy, vol. 43(2), pages 442-464.
    • Handle: RePEc:ekm:repojs:v:43:y:2023:i:2:p:442-464:id:2406
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/2406/2342
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    More about this item

    Keywords

    Narrative economics; Coronacrisis; Great Depression; economic populism; history of economic thought;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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