Mexico’s ruling elite, the Institutional Revolutionary Party (PRI) won slims marginal victories in Mexican elections yesterday. If the insurgent challenger named Delfina Gonmez Alvarez had won, it would have permanently rocked the PRI image of dominance. Instead, the PRI held in Mexico City as well in smaller states like Coahulia, just immediately north of Mexico City and Nayarit in the west as well as Veracruz.
Why does this matter?
Mexico’s feudal like political order isn’t open to market based policies, it despises reform and has openly sought to dismantle the very reforms that have favorably placed the peso in advantageous terms. Mexican citizens have lost faith in dynasties that have long characterized the PRI, not to mention crime, illicit drugs and massive unemployment.
The only good Mexican derivative has been Dr. Augustin Carstens, Milton Friedman’s protege from Chicago administering Mexico’s Central Bank. He’s been upfront regarding tight monetary policy, transparent rule of law and weak governing institutions that have plagued Mexico for decades.
By any measure, the fight for Mexican independence is still on.