Miguel de la Madrid Hurtado

Miguel de la Madrid Hurtado (born December 12, 1934) was President of Mexico, representing the Institutional Revolutionary Party (PRI), from December 1, 1982 to December 1, 1988.

Related Topics:
December 12 - 1934 - President of Mexico - Institutional Revolutionary Party - December 1 - 1982 - 1988

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De la Madrid studied law at the National Autonomous University of Mexico (UNAM) and Public Administration at Harvard University in the United States.

Related Topics:
National Autonomous University of Mexico - Harvard University - United States

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He worked for Mexico's central bank and taught law at the UNAM before securing a position at the treasury in 1965. Between 1970 and 1972 he was employed by Pemex, Mexico's state-owned petroleum company, after which he held several other bureaucratic posts in the government of Luis Echeverría Álvarez. In 1976 he was chosen to serve in José López Portillo's cabinet as secretary of budget and planning.

Related Topics:
Mexico - Central bank - Pemex - Petroleum - Luis Echeverría Álvarez - José López Portillo

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He was president after López Portillo. He won the elections that took place on July 4, 1982, and took office the following December.

Related Topics:
July 4 - 1982

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His time in power was one of the most difficult periods of the country thanks to his predecessor's policies. Inflation skyrocketed on an average of over 100% a year (culminating to an average of 150% between 1985 and 1987), unemployment rates soared to as much as 25% during the mid-1980's, and productivity and income were rapidly falling.

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Although many Mexican view de la Madrid's period as economically bleak and uneventful, this is far from true. It was during this time in which he introduced liberal economic reforms that encouraged foreign investment, as well as widespread privatisations of outdated state-run industries and reduction of tarrifs, a process that would escalate under his sucessor. This is enough to bring him some strong support, but his administration's mishandling of the infamous 1985 earthquake in Mexico City damaged his prestige for refusing international aid.

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The next president was Carlos Salinas.

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