Antonio Ortiz Mena
Encyclopedia
Antonio Ortiz Mena was a Mexican
economist who served as President of the Inter-American Development Bank
(1971–1988) and as Mexico's Secretary of Finance during the administrations of Adolfo López Mateos
and Gustavo Díaz Ordaz
(1958–1970).
According to Pedro Aspe
—who served as Secretary of Finance almost two decades later— during Ortiz' tenure Mexico's per-capita income grew 3.4 percent annually for twelve years and economic growth averaged six percent a year; inflation
often remained below three percent, and millions entered the middle class as the country began its transformation from a largely rural economy to an industrial one.
, and overtook his basic studies at the , , and at the National Preparatory School of the Mexican capital. He later entered the National Autonomous University of Mexico
(UNAM, 1925–1928) and graduated with a bachelor's degree in Law.
From 1932 to 1936 he held minor posts at the now-defunct Department of the Federal District, and later on he gained some experience in banking while working as an assistant to the director of the National Urban Mortgage Bank (1936–1945) and as deputy director of the National Mortgage Bank (1946–1952). President Adolfo Ruiz Cortines
appointed him director-general of the Mexican Institute of Social Security (IMSS) serving from 1952 to 1958.
for a twelve-year period of sustained economic growth and development under presidents Adolfo López Mateos
and Gustavo Díaz Ordaz
. At least in two occasions, in 1963 and 1969, he was considered a strong contender to the presidency representing the then-hegemonic Institutional Revolutionary Party
(PRI), and even former President Miguel Alemán
was among his supporters. Nevertheless, in both episodes he lost the nomination.
. His resignation took many by surprise, but a few months later the governments of Mexico
and the United States
announced they were supporting his bid to become the next president of the Inter-American Development Bank
, replacing Chile
an Felipe Herrera
, its founding chairman. Both Argentina
and Venezuela
nominated different candidates, but on 27 November 1970 Ortiz received the majority of votes, although the U.S. Secretary of Treasury, David M. Kennedy
, reported to Richard Nixon
that the election had been "contentious".Washington National Records Center, Department of the Treasury, Secretary's Memos/Correspondence: FRC 56 74 A 7, Memo to the President—September-December 1970. See also the Memorandum From the Under Secretary of the Treasury (Walker) to President Nixon.
He remained as president of the IADB for seventeen years until his resignation in 1988 —three years before the end of his last term— amid suspicions that U.S. President Ronald Reagan
was trying to intervene in its internal affairs since his Secretary of State, George P. Shultz
, had tried to block a loan to a then-Sandinista Nicaragua
. According to Elisabeth Malkin of The New York Times, during his tenure lending increased tenfold and he concentrated most of its efforts on supporting Latin America
n infrastructure projects, heavy industries and first financing operations for microenterprise.
Back in Mexico he served as director of Banamex, one of the country's top commercial banks that had been recently nationalized
. He died in Mexico City
on 12 March 2007 at the age of 99, after spending two weeks in a hospital recovering from a fall.
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
economist who served as President of the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
(1971–1988) and as Mexico's Secretary of Finance during the administrations of Adolfo López Mateos
Adolfo López Mateos
Adolfo López Mateos was a Mexican politician affiliated to the Institutional Revolutionary Party who served as President of Mexico from 1958 to 1964...
and Gustavo Díaz Ordaz
Gustavo Díaz Ordaz
Gustavo Díaz Ordaz Bolaños served as the President of Mexico from 1964 to 1970.- Political career :Díaz Ordaz was born in San Andrés Chalchícomula . His father, Ramón Díaz Ordaz Redonet, worked as an accountant, while his mother, Sabina Bolaños Cacho de Díaz Ordaz, worked as a school teacher...
(1958–1970).
According to Pedro Aspe
Pedro Aspe
Pedro Carlos Aspe Armella is a Mexican economist. He served as secretary of finance in the cabinet of Carlos Salinas de Gortari, where he successfully renegotiated foreign debt, gave autonomy to the central bank and promoted a controversial privatization plan.Aspe Armella is the son of Pedro Aspe...
—who served as Secretary of Finance almost two decades later— during Ortiz' tenure Mexico's per-capita income grew 3.4 percent annually for twelve years and economic growth averaged six percent a year; inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
often remained below three percent, and millions entered the middle class as the country began its transformation from a largely rural economy to an industrial one.
Biography
Ortiz was born in Parral, ChihuahuaParral, Chihuahua
Hidalgo del Parral, is a city and seat of the municipality of Hidalgo del Parral in the Mexican state of Chihuahua. It is located in the southern part of the state, 220 km from the state capital, the city of Chihuahua, Chih....
, and overtook his basic studies at the , , and at the National Preparatory School of the Mexican capital. He later entered the National Autonomous University of Mexico
National Autonomous University of Mexico
The Universidad Nacional Autónoma de México is a university in Mexico. UNAM was founded on 22 September 1910 by Justo Sierra as a liberal alternative to the Roman Catholic-sponsored Royal and Pontifical University of Mexico The Universidad Nacional Autónoma de México (UNAM) (National Autonomous...
(UNAM, 1925–1928) and graduated with a bachelor's degree in Law.
From 1932 to 1936 he held minor posts at the now-defunct Department of the Federal District, and later on he gained some experience in banking while working as an assistant to the director of the National Urban Mortgage Bank (1936–1945) and as deputy director of the National Mortgage Bank (1946–1952). President Adolfo Ruiz Cortines
Adolfo Ruiz Cortines
Adolfo Ruiz Cortines was President of Mexico from 1952 to 1958, representing the Institutional Revolutionary Party he was one of the oldest presidents of Mexico...
appointed him director-general of the Mexican Institute of Social Security (IMSS) serving from 1952 to 1958.
Secretariat of Finance
From 1958 to 1970 he served as Secretary of Finance and Public CreditSecretariat of Finance and Public Credit
The Secretariat of Finance and Public Credit is Mexico's finance ministry. The Secretary of Finance and Public Credit is a member of the federal executive cabinet and is appointed by the President of the Republic.In Mexico the Secretary of Finance is the head of the Secretariat of Finance and...
for a twelve-year period of sustained economic growth and development under presidents Adolfo López Mateos
Adolfo López Mateos
Adolfo López Mateos was a Mexican politician affiliated to the Institutional Revolutionary Party who served as President of Mexico from 1958 to 1964...
and Gustavo Díaz Ordaz
Gustavo Díaz Ordaz
Gustavo Díaz Ordaz Bolaños served as the President of Mexico from 1964 to 1970.- Political career :Díaz Ordaz was born in San Andrés Chalchícomula . His father, Ramón Díaz Ordaz Redonet, worked as an accountant, while his mother, Sabina Bolaños Cacho de Díaz Ordaz, worked as a school teacher...
. At least in two occasions, in 1963 and 1969, he was considered a strong contender to the presidency representing the then-hegemonic Institutional Revolutionary Party
Institutional Revolutionary Party
The Institutional Revolutionary Party is a Mexican political party that held power in the country—under a succession of names—for more than 70 years. The PRI is a member of the Socialist International, as is the rival Party of the Democratic Revolution , making Mexico one of the few...
(PRI), and even former President Miguel Alemán
Miguel Alemán Valdés
Miguel Alemán Valdés served as the President of Mexico from 1946 to 1952.-Life:Alemán was born in Sayula in the state of Veracruz as the son of General Miguel Alemán González and Tomasa Valdés Ledezma...
was among his supporters. Nevertheless, in both episodes he lost the nomination.
Inter-American Development Bank
He finally stepped down from the post on August 1970, just months before the inauguration of President Luis EcheverríaLuis Echeverría
Luis Echeverría Álvarez served as President of Mexico from 1970 to 1976.-Early history:Echeverría joined the faculty of the National Autonomous University of Mexico in 1947 and taught political theory...
. His resignation took many by surprise, but a few months later the governments of Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
announced they were supporting his bid to become the next president of the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
, replacing Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
an Felipe Herrera
Felipe Herrera
Felipe Herrera was a Chilean economist. He served as the first president of the Inter-American Development Bank.-References:...
, its founding chairman. Both Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
and Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...
nominated different candidates, but on 27 November 1970 Ortiz received the majority of votes, although the U.S. Secretary of Treasury, David M. Kennedy
David M. Kennedy
David Matthew Kennedy was an American businessman, economist and Cabinet secretary.Born in Randolph, Utah, he attended public school and graduated from Weber College, then a Mormon college, in 1928. He served a two-year mission, for The Church of Jesus Christ of Latter-day Saints, to England...
, reported to Richard Nixon
Richard Nixon
Richard Milhous Nixon was the 37th President of the United States, serving from 1969 to 1974. The only president to resign the office, Nixon had previously served as a US representative and senator from California and as the 36th Vice President of the United States from 1953 to 1961 under...
that the election had been "contentious".Washington National Records Center, Department of the Treasury, Secretary's Memos/Correspondence: FRC 56 74 A 7, Memo to the President—September-December 1970. See also the Memorandum From the Under Secretary of the Treasury (Walker) to President Nixon.
He remained as president of the IADB for seventeen years until his resignation in 1988 —three years before the end of his last term— amid suspicions that U.S. President Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
was trying to intervene in its internal affairs since his Secretary of State, George P. Shultz
George P. Shultz
George Pratt Shultz is an American economist, statesman, and businessman. He served as the United States Secretary of Labor from 1969 to 1970, as the U.S. Secretary of the Treasury from 1972 to 1974, and as the U.S. Secretary of State from 1982 to 1989...
, had tried to block a loan to a then-Sandinista Nicaragua
Nicaragua
Nicaragua is the largest country in the Central American American isthmus, bordered by Honduras to the north and Costa Rica to the south. The country is situated between 11 and 14 degrees north of the Equator in the Northern Hemisphere, which places it entirely within the tropics. The Pacific Ocean...
. According to Elisabeth Malkin of The New York Times, during his tenure lending increased tenfold and he concentrated most of its efforts on supporting Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
n infrastructure projects, heavy industries and first financing operations for microenterprise.
Back in Mexico he served as director of Banamex, one of the country's top commercial banks that had been recently nationalized
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
. He died in Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...
on 12 March 2007 at the age of 99, after spending two weeks in a hospital recovering from a fall.