After Díaz was
forced to resign in 1911, another period of turmoil and disorder
followed. Madero was elected president but toppled by rebel
leaders, Emiliano Zapata, Francisco Pancho Villa and Victoriano
Huerta, who alternately conspired and plotted, preventing
any stable, independent sort of government to be established.
This civil war lasted for 10 years, taking many Mexican lives.
Finally it ended and Mexicans focused on rebuilding a sound
political structure for their country. The National Revolutionary
party (today known as the Party of the Institutionalized Revolution
– PRI) was founded in 1929 and came into power in 1934
with a land redistribution and nationalization program and
reforms for reducing illiteracy levels.
In the late 70’s, the oil boom increased the country’s
oil revenues and had a positive effect on the economy, but
the slump in the 80’s in world oil prices led to a devaluation
of the peso and the nationalization of banks, resulting in
Mexico’s worst recession in decades. In the 90’s
many factors changed the course of Mexico’s faltering
economy. Privatization of industries, foreign investment and
debt relief led to a turn around in circumstances. In 1994,
Mexico signed the NAFTA agreement together with the US and
Canada, creating a North American free-trade zone.
