Petroleum Hypothecation: Consequences for Mexico in Latin America since the Peso Crisis
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How did the Mexican Peso Crisis, a critical juncture which took placehistorically, take place in contemporary Latin America? The answer isabsent within the linchpins theorized by classical approaches likemodernization theory and dependency theory, as they reduce theSouth’s agency to the immanent and the structural. A teleologicalstandpoint of the 1994-1995 events shows that what prevented debtdefault was a US loan explicitly collateralized with oil income, whichinaugurated Mexico’s age of isolation from diverse Latin Americanattempts at integration. Teleology effectively places agency within thetheory debate through the acknowledgment of Mexico and its LatinAmerican peers not as structural objects, but as regional agents able toexert purposive action and build their own history.
Abstract
How did the Mexican Peso Crisis, a critical juncture which took placehistorically, take place in contemporary Latin America? The answer isabsent within the linchpins theorized by classical approaches likemodernization theory and dependency theory, as they reduce theSouth’s agency to the immanent and the structural. A teleologicalstandpoint of the 1994-1995 events shows that what prevented debtdefault was a US loan explicitly collateralized with oil income, whichinaugurated Mexico’s age of isolation from diverse Latin Americanattempts at integration. Teleology effectively places agency within thetheory debate through the acknowledgment of Mexico and its LatinAmerican peers not as structural objects, but as regional agents able toexert purposive action and build their own history.
참고문헌 (83)
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