Mexican Revolution
The PRI, or Institutional Revolutionary Party is one of the major lasting legacies of the Mexican Revolution; its first iteration was the Partido Nacional Revolucionario founded in 1929 under Northern revolutionary general and president of Mexico (1924–1928) Plutarco Elías Calles, following the assassination of president-elect (and former president) Álvaro Obregón in 1928. The establishment of the party created an enduring structure that managed not only presidential succession but also groups with competing interests. Initially, Calles remained the power behind the presidency during a period known as the Maximato, but his hand-picked presidential candidate, Lázaro Cárdenas, won a power struggle with Calles, expelling him from the country. Cárdenas reorganized the party that Calles founded, creating formal sectors for interest groups, including one for the Mexican military. The reorganized party was named Party of the Mexican Revolution. In 1946, the party again changed its name to the Institutional Revolutionary Party. The party under its various names held the presidency uninterruptedly from 1929 to 2000, and again from 2012 to 2018 under President Enrique Peña Nieto.
Institutional Revolutionary Party
Díaz Ordaz chose his Government Secretary, Luis Echeverría, to succeed him as President. Echeverría's administration (1970–76) increased social spending, through external debt, at a time when oil production and prices were surging. However, the growth of the economy came accompanied by inflation and then by a plummeting of oil prices and increases in interest rates. Investment started fleeing the country and the peso became overvalued, to prevent a devaluation and further fleeing of investments, the Bank of Mexico borrowed 360 million dollars from the Federal Reserve with the promise of stabilizing the economy. External debt reached the level of $25 billion. Unable to contain the fleeing of dollars, Echeverría allowed the peso to float for the first time on August 31, 1976, then again later and the peso lost half of its value. Echeverría designated José López Portillo, his Secretary of Finance, as his successor for the term 1976-82, hoping that the new administration would have a tighter control on inflation and to preserve political unity.