The history of the expropriation of the American oil companies in Mexico
The Six Year Plan under President Cardenas had a positive structure built on the agrarian movement, the cooperative movement and the educational movement. In order to give the Mexicans an increasing share of the country's wealth, President Cardenas believed that the "process of building cooperatives was to shift the balance of economic power gradually from the capitalist class to the workers". He also believed that "Mexico never would become prosperous by serving as a siren for foreign capital because capitalism fattens on low wages." Then, too, "the workers would only prosper when industry was controlled by the governement and the people."53 It was, therefore, a foregone conclusion that President Cardonas would attempt to regain these rich oil reserve for the Mexicans. He did not plan to issure any new laws regulating Article 27, but rather, to follow the legal status already existing.55 His first move was to cancel all foreign leases held on defective titles. This was actually begun early in 1934 before Cardenas took office
Petroleum industry and trade Mexico, Arts and Humanities, Business, History, Social and Behavioral Sciences, United States History
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