In the 1970’s Mexico responded to a global oil shortage by increasing its export of oil, and from this began a prosperous time of rapid economic expansion. Once there was a global oil surplus in the 80’s, Mexico had to quickly adjust for the lost income and abruptly change the rate they were borrowing money, which left them with many international debts that they could no longer pay. Match this dependence on an export with falling value with a corrupt single party system of government and the outcome is failing nation. The story is similar in Venezuela, including political corruption and single export dependence. US corporations take advantage of troubled governments by moving factories to these countries and paying thousands of workers very low wages. This leads to more economic disparity and thus, lower living standards for these countries while the corporations take their business to places like the US and Europe.
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