"Though this is a pragmatic concession to reality, it starkly reveals that though democratic majorities can make history, they do not do so as they please or under conditions of their own choosing, but on terms dictated by powerful vested interests."
Adam is an innocent man. Mexican government's have never been leftist or rightist. It depends on the situation and mainly on the maximization pf power for the rulers. The PRI governed 70 years without any
checks and the president was a absolutist monarch. Amlo grew in such media and wants to reproduce it. It ia a question pf power not of ideology. I am frankly disappointed with Adam that he uses the old model right-left in an extremely trivial way to analyze countries that frankly speaking he does not understand. Keep to Germany, USA and maybe Europe !!!
"Three elections and the confirmation, once again, of a stark reality: democracy and capitalism can co-exist, but investor interests do not react well to left-wing governments with large majorities. They do not simply accept the will of the majority, but through the media and markets make their opposition known. Though foreign investors may have views. In the first instance, this is not a matter of global capital positioning itself against national democracy. Certainly, as far as Mexico and India are concerned it is above all “local” capital whose interests are at stake. To avoid an immediate panic and snowballing “loss of confidence”, even as they celebrate their win, the victorious democratic forces hasten to make public concessions to capital. Though this is a pragmatic concession to reality, it starkly reveals that though democratic majorities can make history, they do not do so as they please or under conditions of their own choosing, but on terms dictated by powerful vested interests."
As such, it is sometimes understandable that ultimate actions, like "revolutions", taken to extreme (the English Revolution or the French Revolution stopped short of that, getting rid of the "levelers and diggers" type. The Russians and the Chinese went for the whole nine yards and still retain some of that spirit. Luckily, they are big, resourceful countries. What I would like is something envisioned by Grace Blakely. Spaniards, with their short republic, showed some of that creative spirit of the self regulating and managing masses. Which "The Dawn of Everything: A New History of Humanity" tells us is eminently possible.
Given the scale of carry trade flow into Mexico, the market sentiment might not actually be as negative as the short-term peso depreciation. Carry trades are leveraged, and therefore fragile, so any sizeable move can easily trigger a self-reinforcing closing of positions. There could be more to come but It is probably healthy long-term for Mexico to have less carry flows supporting credit. I'd say the important thing is for Mexico not to intervene in currency markets and truncate carry trade losses.
South Africa’s apartheid regime wasn’t defeated militarily; it agreed to step aside in a settlement supervised by its patrons in the ‘West’. The end of the Soviet bloc had resulted in the termination of most of the military support for the anti-apartheid struggle, and the diminution of much of the left influence within the ANC.
The substantial state sector of the economy which had served the whites was largely dismantled.
Even though one can’t minimize the importance of instituting universal suffrage and abolishing the hateful apartheid system, the outcome has nonetheless been extremely disappointing. Electoral democracy and social equality are hollow without economic justice.
I didn't know Claudia Sheinbaum is a climate scientist! I'll take this as good news, the best I've heard today (and yes, I am aware that Mexico is heavily dependent on oil production and IT'S COMPLICATED.)
"Though this is a pragmatic concession to reality, it starkly reveals that though democratic majorities can make history, they do not do so as they please or under conditions of their own choosing, but on terms dictated by powerful vested interests."
Hence vested interests should be guillotined 😄
Sounds like a plan.
Adam is an innocent man. Mexican government's have never been leftist or rightist. It depends on the situation and mainly on the maximization pf power for the rulers. The PRI governed 70 years without any
checks and the president was a absolutist monarch. Amlo grew in such media and wants to reproduce it. It ia a question pf power not of ideology. I am frankly disappointed with Adam that he uses the old model right-left in an extremely trivial way to analyze countries that frankly speaking he does not understand. Keep to Germany, USA and maybe Europe !!!
"Three elections and the confirmation, once again, of a stark reality: democracy and capitalism can co-exist, but investor interests do not react well to left-wing governments with large majorities. They do not simply accept the will of the majority, but through the media and markets make their opposition known. Though foreign investors may have views. In the first instance, this is not a matter of global capital positioning itself against national democracy. Certainly, as far as Mexico and India are concerned it is above all “local” capital whose interests are at stake. To avoid an immediate panic and snowballing “loss of confidence”, even as they celebrate their win, the victorious democratic forces hasten to make public concessions to capital. Though this is a pragmatic concession to reality, it starkly reveals that though democratic majorities can make history, they do not do so as they please or under conditions of their own choosing, but on terms dictated by powerful vested interests."
As such, it is sometimes understandable that ultimate actions, like "revolutions", taken to extreme (the English Revolution or the French Revolution stopped short of that, getting rid of the "levelers and diggers" type. The Russians and the Chinese went for the whole nine yards and still retain some of that spirit. Luckily, they are big, resourceful countries. What I would like is something envisioned by Grace Blakely. Spaniards, with their short republic, showed some of that creative spirit of the self regulating and managing masses. Which "The Dawn of Everything: A New History of Humanity" tells us is eminently possible.
Given the scale of carry trade flow into Mexico, the market sentiment might not actually be as negative as the short-term peso depreciation. Carry trades are leveraged, and therefore fragile, so any sizeable move can easily trigger a self-reinforcing closing of positions. There could be more to come but It is probably healthy long-term for Mexico to have less carry flows supporting credit. I'd say the important thing is for Mexico not to intervene in currency markets and truncate carry trade losses.
Agree completely.
South Africa’s apartheid regime wasn’t defeated militarily; it agreed to step aside in a settlement supervised by its patrons in the ‘West’. The end of the Soviet bloc had resulted in the termination of most of the military support for the anti-apartheid struggle, and the diminution of much of the left influence within the ANC.
The substantial state sector of the economy which had served the whites was largely dismantled.
Even though one can’t minimize the importance of instituting universal suffrage and abolishing the hateful apartheid system, the outcome has nonetheless been extremely disappointing. Electoral democracy and social equality are hollow without economic justice.
I didn't know Claudia Sheinbaum is a climate scientist! I'll take this as good news, the best I've heard today (and yes, I am aware that Mexico is heavily dependent on oil production and IT'S COMPLICATED.)