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The recurrence of an economic crisis in Mexico and its possible solutions have been discussed by various prominent individuals. The suggestions made by them significantly differ from each other. A scholar of the American Enterprise Institute has suggested that Mexico ought to establish its own currency board to contain the rising spiral of inflation. Similarly, a change in the exchange rate policy and a redefinition of North American Free Trade Agreement are suggested by the other prominent personalities.

Economic reform in Mexico, which began with the GATT, has brought monumental growth to Mexico's economy. This has been enhanced by the proposed North American Free Trade Agreement. On the other hand, Mexico has stalled political reform. This slow development in politics could be the Partido Revolucionario Institucional's strategy for strengthening the economy and gaining public confidence prior to establishing free elections to guarantee their political hold.

Few changes are as treacherous as the transition from single-party rule to competitive democracy. The transition to democracy had been a cliffhanger in Russia, effected against the backdrop of the [...]