WHY is Mexico going visiting the sumptuous Hotel Nacional in Mexico' City could tell you. funded by a nationalist businessman who swore not to use a single Yanqui dollar, was to be a monument to Mexican endeavour - but ran out of money halfway through.
With only the top was sold at a knock-down price to Mexico's vice president, who rents it out for discos and conferences to raise the cash to finish the rest.
The Mexican economy was built like the Hotel Nacional. Under the banner of 'national pride' inpresident Miguel de la Madrid has inherited tottering, half-built economy with a splendid frontage and no cash.
The world press once backed the 'spendthrift' policies former president Lopez Portillo, whose organisation the Institutional Revolutionary Party (PRI), monopolised the government for fifty years.
Now denounces these pollcies. But thev are coming adrift, not because of the PRI's stupidity but because of the bankruptcy of the big western powers, to whom Mexico is in debt up to its neck.
The PRI followed a more astute policy than almost any other third world bourgeoisie. Unlike in the Arab sheikdoms, oil not used to finance the exotic pleasures of a tiny clique but lo try and create a broad new middle class.
Ant incredibsed per per incredible gallon, a car became the dream of every downtrodden street seller — all cutly ticket to an imitation grSocialist Challenge 28 August 1982 bankrupt? Anyone The 36 two floors complete it ingo consumer paradise.
State money brought off political and fed this growing middle class by pulling it into a vast network corrupt officialdom, beholden to the PRi and used by it alternately to repress and corrupt.
In hock to the banks $bn Earnings from oil exports Current-account baldle of which trade " invisibles 1977 Why didn't it work?
Because the entire country now hock. bankers now