The presidency of Mexican president Porfirio Diaz Term Paper

The presidency of Mexican president Porfirio Diaz - Term Paper Example erm of presidency, Diaz found the state in almost bankruptcy under the rule of Gonzales, his friend and an ally.2 He immediately introduced reforms and established a solid banking system. He was able to improve the tax collection systems and had abolished sales taxes, production taxes and state tariff .3 For the first time also the country had achieved a balanced national budget in 18844. In 1893, Mexico attained a stature of being one of the most prosperous nations in Latin America having attained budgetary surplus.5 Mexico became rich and became one of the world’s largest gold and silver producer. When Diaz relaxed the mining laws and allowed foreigners access to subsoil rights and ownership of oils and metals contained in the ground, the mining industry went into a boom period never realized in Mexico for four centuries. DÃ ­az was able to make the Mexican peso in the ranks of strong currency as he placed Mexico under the international gold standard.6 Diaz implemented modernization program hoping to bring Mexico to a modern state level. 7 His host of advisers was composed of technocrats, which could be called today as scientists who embarked on program of railroad buildings and telegraph lines across the country. Under his administration also, the first railway was constructed, and the amount of railroad tracks increased by ten folds. Report says that these tracks remain operational until today.8 Under his rule, steam machines and technological appliances were introduced while at the same time inviting foreign investments to the country. As such foreign capital entered the country, factories were established, bringing forward urban development in Mexico.9 He amended the laws to attract foreign investors and allowed them to own sub soils minerals, mines and oil fields. His laws of land reform allowed a big chunk of surveyed lands to be owned by foreigners. He assured his foreign friends that they would win against any lawsuit instigated by Indian