Struggling or Central Bank: Mexico's Negotia­tions with International Bankers, 1920-1925

In order to give firm foundations to the process of accumulating national capital, the group led by Álvaro Obregón sought to recreate certain State institutions. This article explores their strategy, focusing on the conflict between representatives of the Mexican government and both national and foreign bankers over the control of money production, credit, public debt, and the government's international financing. The background for this drama, where the new Mexican political class struggles to es­tablish its control over the Nation's resources and financing, are the deep changes brought about by the First World War in the intemational economic system