In the 2018 Mexican general election, Andrés Manuel López Obrador (known as “AMLO”) swept to victory. His presidential victory coincided with the historic collapse of the Partido Revolucionario Institucional (PRI). Barring losses in 2000 and 2006, the PRI had ruled Mexico uninterrupted since 1929 (under three different titles). In 2012, PRI’s Enrique Peña Nieto won the presidency with 39.17%; but by 2018, the PRI received just 16.4% of the vote compared with the 54.71% (the largest margin since 1982) received by AMLO’s Movimiento Regeneración Nacional (MORENA). The issue of corruption was front and center in this election, and AMLO explicitly framed it as a systemic byproduct of neoliberalism. While markets were initially rattled, capital was not in an outright panic; AMLO had broadly promised that “his government will not spend beyond its means.” In 2018, The Economist cited “uncertainty,” but three years later AMLO’s face was plastered on their print edition as “Mexico’s false messiah.”

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