During the presidency of Lázaro Cárdenas, there were significant policies in the social and political spheres that had impacts on future economic policies in Mexico, in particular nationalization of oil in 1938, as well as land reform, and nationalization of railways.[5] Cárdenas was succeeded by the politically more moderate Manuel Ávila Camacho, who initiated a program of industrialization in early 1941 with the Law of Manufacturing Industries.