Presidential Promises Falter
President Vicente Fox has been unable to overcome the
political obstacles to many of his vaunted reform plans. Still,Mexico has largely avoided South America's malaise and remains a regional economic powerhouse.
Mexico's President Vicente Fox took office a year and nine
months ago, promising great change after ending 71 years of
rule by the Institutional Revolutionary Party (PRI). "There is
a new reality of power in Mexico and a new era of
democratization and expectations of change," Fox declared in
his December 2000 inauguration speech. "We will not let you
down." He is almost a third of the way through his six-year
term, but his ambitious plans for laying the foundations of a
modern, developed economy have come to little so far. Fox's
main problem is that his conservative National Action Party
(PAN) does not control Congress. Fox and his team lack the
political skills needed to patch together majorities to push
ahead with the government's aggressive reform program, which
includes calls for constitutional amendments to overhaul the
country's state-controlled oil and electricity industries.
Mexico nationalized foreign oil companies...
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