The Mexican Business Class and the Processes Of
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/?s % THE MEXICAN BUSINESS CLASS AND THE PROCESSES OF GLOBALIZATION TRENDS AND COUNTER-TRENDS Alejandra Salas-Porras London School of Economics Thesis submitted in fulfilment of the requirements for the degree of Doctor in Philosphy in November of 1996 UMI Number: U615514 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615514 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 T h £ S £ S F 95 e British 1 ™£c°mmicsa.Z 121 ABSTRACT This thesis discusses the globalising processes undergone by a segment of the Mexican business class, notably: the spaces of the world economy they control; their links to social and political networks of global scope, as well as to global movements and currents of thought; and the interests, strategies, projects and perceptions which they share with their counterparts around the world. It argues that they have become one of the main and most powerful forces for the integration of the country in the global capitalist system. Globalising processes lived and promoted by the Mexican business class are contradictory in several respects: on one hand, modernisation, institutionalisation and depersonalisation of corporate structures and of the system of business representation; is hindered by business clientelism and corruption in party funding. On the other hand, increasing opportunities of expansion, globalisation and modernisation for Mexican corporations do not always correspond with prospects for growth and development for the national economy. The formation of a global business class in Mexico is conceived as a process in which big businessmen reconstitute their identity, projects and aspirations in a process of collective reflexivity whereby they discuss, negotiate and share experiences with business communities around the world. 2 ACKNOWLEDGEMENTS Several institutions contributed to financing this project: Consejo Nacional de Ciencia y Tecnologia (Conacyt), the Overseas Research Students Award Scheme (ORS) and Centro de Investigation y Docencia Economicas (CIDE). My most sincere gratitude for their generosity. I thank Dr. George Philip, who formally supervised this thesis, for introducing me to the prestigious Government Department at LSE and its prominent scholars. I am especially grateful to Dr. Leslie Sklair for his insightful suggestions, careful and committed supervision as well as for all his motivation throughout. I would also like to thank Francisco Vidal and Manuel Diaz Pineda for reading the whole thesis and for their constructive criticisms. Dr. John Madeley (of the Government Department, LSE) and Dr. John Scott (Sociology Dept, Essex University) read specific chapters and made very useful comments. I remain, however, fully responsible for all the limitations in the final result. 3 CONTENTS Abstract 2 Acknowledgementes 3 Contents 4 List of Tables and Figures 6 Abreviations 7 Chapter 1: Introduction, aims, theoretical framework and hypotheses 9 1.1. Introduction 9 1.2. Aims and conceptual synopsis 12 1.3. Theoretical framework 17 1.4. Hypotheses 29 Notes 32 Chapter 2: Historical background: avenues of development of Mexican groups 34 2.1. National and international conditions of emergence 40 2.1.1. The Northern Fraction: distant from the power elite 42 2.1.2. The Central Fraction: closely related to die power centre 44 2.1.3. The Aleman Fraction: simultaneously ’influyentista’ and entrepreneurial 45 2.1.4. Mexican groups multiply their links with foreign capital 49 2.1.5. The New Fraction 50 2.2. Concentration and centralisation cuts across all fractions 51 2.3. Conclusions 58 Notes 66 Chapter 3: Trajectories and strategies to become global players 69 3.1. Operating affiliates 77 3.2. From the conventional Joint-Venture to the Strategic Alliance 86 3.3. Expansion to global security markets 99 3.4. Distribution networks 111 3.5. Global strategies 116 3.6. Conclusions 121 Notes 131 Chapter 4: Corporate structures, agents and constellations 135 4.1. The decision to go public 139 4.2. Separation of management from ownership 147 4.3 New patterns of corporate control and organization 152 4.4. Patterns of corporate interlocking 158 4.5. Conclusions 175 Notes 179 4 Part n 183 Chapter 5: Greater institutionalisation of interest politics 190 5.1. Greater aggregation and specialization at the macro level of the corporatist structure 196 5.2. Policy networks and associational development at the sectoral (meso) level 209 5.2.1.Governing the securities market 211 5.2.2.Governing the banking sector 215 5.2.3.Governing the industrial sector 219 5.3. Conclusions 229 Notes 234 Chapter 6: Business clientelism and ’influyentismo’ in party politics expand 237 6.1. From behind-the-scenes to increasingly open participation in party politics 243 6.2. Direct competition for electoral positions 246 6.3. Economic support to electoral campaigns 249 6.4. Main beneficiaries of entrepreneurial party politics 258 6.5. Conclusions 266 Notes 272 Chapter 7: The global entrepreneurial movement in Mexico 276 7.1. Business traditions of thought in Mexico 284 7.2. Stages of the entrepreneurial movement in Mexico 291 7.3. Specialization, division of labor and ideological bent of business and probusiness institutions 301 7.3.1. Network Desem-Academic Institutions 302 7.3.2. Spirit of free enterprise, realist liberals and libertarians 306 7.3.3. Business and probusiness NGO’s linked to civic and electoral activities 309 7.4. Conclusions 313 Notes 318 Chapter 8: Conclusions 322 8.1. Globalising processes and the Mexican business class 322 8.3. Countertrends: a new combination of modern and traditional 332 Notes 338 Appendices Appendix I: Methodology 339 Appendix II: Interviews 344 Bibliography 348 5 LIST OF TABLES AND FIGURES Chapter 2 TABLE 2.1. Origin and Trajectories of the largest Economic Groups 37 TABLE 2.2. The Largest Banks 38 Chapter 3 TABLE 3.1. Subsidiaries in Foreign Countries 78 TABLE 3.2. Strategic Alliances 90 TABLE 3.3.1. Debt Equity Ratios 100 TABLE 3.3.2. Global Issues 104 TABLE 3.3.3. Debt Instruments for Global Security Markets 109 TABLE 3.4. Exports, Distribution Networks and Market Agreements 113 TABLE 3.5. Trajectories to the Global Landscape 124 Chapter 4 TABLE 4.1 Mexican Public Companies and Devices of Control 141 TABLE 4.4.1 Generational Turnover 162 TABLE 4.4.2 Accumulation of Positions by Directors 164 TABLE 4.4.3 Big Linkers of the Mexican Corporate Network 165 TABLE 4..4.4 Interlocks of the 20 Most Central Corporations in 1992 167 FIGURE 4.1: Structure of Eugenio Garza Lagiiera’s Interests 156 FIGURE 4.2: Structure of Carlos Slim’s Interests 157 FIGURE 4.3: Core of the Mexican Corporate Network, 1981 and 1992 171 Chapter 5 TABLE 5.1: Representation of Global Entrepreneurs in the CCE 201 TABLE 5.2.1. Securities Market Policy-network 215 TABLE 5.2.2. Banking Policy Network 215 FIGURE 5.1.1. Organizational Structure of CCE 199 FIGURE 5.1.2. Organizational Structure of COECE 205 Chapter 6 TABLE 6.1: Electoral Competittion of Entrepreneurs (1979-94) 247 TABLE 6.2. Electoral Support of Big Business to PRI 252 Chapter 7 TABLE 7.1. Non-interest Busines/Probusiness Institutions 303 6 ABBREVIATIONS ABM: Asociacion de Banqueros de Mexico ACC: Advanced Capitalist Countries ACCO: American Chamber of Commerce ADR’s: American Depositary Receipts ADS: American Depositary Shares AHMSA: Altos Hornos de Mexico AMCB: Asociacion Mexicana de Casas de Bolsa AMIB: Asociacion Mexicana de Intermediaries Bursatiles (former AMCB) AMIS: Asociacion Mexicana de Instituciones de Seguros ANIERM: Asociacion Nacional de Importadores y Exportadores de la Republica Mexicana ANTAS: Asociacion Nacional de Tiendas de Autosevicio BI: Bufete Industrial BMV: Bolsa Mexicana de Valores Canacero: Camara Nacional de la Industria del Acero Caval: Calificadora de Valores CCE: Consejo Coordinador Empresarial CCM-EU: Camara de Comercio Mexico-EU CEO: Chief Executive Officer CES: Centro de Estudios Sociales (affiliate of CCE) CEESP: Centro de Estudios Economicos del Sector Privado (affiliate of CCE) CEMAI: Consejo Empresarial Mexicano para Asuntos Internacionales CMHN: Consejo Mexicano de Hombres de Negocios CNB: Comision Nacional Bancaria (reorganized into CNBV) CNBV: Comision Nacional Bancaria y de Valores CNC: Camara Nacional del Cemento CNIC: Camara Nacional de la Industria de la Construction CNIV: Camara Nacional de la Industria del Vestido CNP: Consejo Nacional de Publicidad CNV: Comision Nacional de Valores (reorganized into CNBV) COECE: Coordinadora de Organizaciones Empresariales de Comercio Exterior CONACEX: Consejo Nacional de Comercio Exterior Coparmex: Confederation Patronal de Mexico COSSIF: Consejo Coordinador de Supervisores del Sistema Financiero CSG: Carlos Salinas de Gortari Desem: Desarrollo Empresarial DHIAC: Desarrollo Humano Integral, A.C. ESMO: Elite Social Movement Organization FDI: Foreign Direct Investment Ficorca: Fideicomiso de Cobertura de Riesgos Cambiarios GATT: General Agreement of Tariffs and Trade GDS: Global Depositary Shares GFB: Grupo Financiero Bancomer GFSerfin: