ANALYSIS OF THE MEXICAN LABOR MARKET WITHIN THE FRAMEWORK OF THE PROCESS OF SUBORDINATED FINANCING

Abstract

Since the adoption of the neoliberal growth model, carried out thirty years ago by most of the emerging economies, it
has been configured in these, what various authors have called the process of subordinated financialization; and
whose origin is related to the abrupt development of the national financial sector, which, since then, has been assigned
the responsibility of triggering a period of sustained growth and economic development. To this end, a series of
reforms were carried out aimed at strengthening the link between the financial and productive sectors, for example, an
environment of competition was promoted within the banking sector, which improved the conditions of access to
credit for the majority of Mexican companies. This should translate into the strengthening of the country's industrial sector, and therefore, in the improvement of levels of growth and economic development. Therefore, one of the main beneficiaries of this economic logic should be the labor market, not only in quantitative terms in the short term, but also qualitative in the medium and long term. On the other hand, one of the characteristics of the subordinated financialization process is the pauperization of the
employed population. So, analyzing what happened in the case of the Mexican economy becomes highly relevant
when considering the political-economic transition that the country is going through. For this, a statistical-descriptive analysis is carried out from official information on the evolution of the Mexican labor market. Regarding the results obtained, it should be noted that there is no conclusive evidence to support that the expected benefits in labor matters have occurred; In fact, through the analysis of selected variables, it is possible to identify a number of specific features of a process of subordinate financialization, for example, a remarkable financial development, a scarce and volatile economic growth, the formation of a banking system that prioritizes credit to the consumer on intended for production; as well as a gradual job insecurity, responsible for household over- indebtedness.