L’économie politique du dispositif du FOGAIN (1953-1989): les leçons de l’expérience pour les politiques publiques d’appui au financement des entreprises au Mexique

Abstract

In 1953, the Mexican State implemented a public policy of support for financing small and medium-sized industrial enterprises (SMIE), the FOGAIN. This device was aimed at correcting some market failures, specifically the rationing of credit that affected these types of enterprise. Previously, in the aftermath of the Revolution of 1910, a specific link had been established between the State and the economic agents. This probably altered the modality and scope of this public policy. This device proved to be ad hoc instrument in order to establish an implicit and perdurable agreement between the State?by means of its technocrac? and the business community within the model of imports substitution industrialization (ISI). The existence of this type of devices was only possible within the frame of a policy of indebtedness which was simultaneously a condition and a consequence. The incompatibility of the governance of this device and the logics of banking regarding the mechanisms of credit granting, combined with the structural adjustment policies, resulted in the suppression of FOGAIN in 1989.