Mexico

High Culture- Literature

• Mexican literature has traditionally included the tribulations of Mexico's past. Classic literature references The Mexican Revolution, among many other politicl upheavals. Mexican writers are very passionate, this has helped shape culture and thus shape how business is done. (1)

High Culture- Music

• The music of Mexico is also rich in tradition. Music itsself has not effected business much, but the idea of keeping tradition alive while progressing has. Mariachi, the most well known type of music in Mexico, has come a long way since it's beginning. At one point, it was only men playing guitars and a harp. (2)

Music Cont.

• A Mariachi band is now considered a folk orchestra, and women are no longer only dancers, but players. Much like music in Mexico, business has evolved that way. Mexican men and women in the business field have started their own sort of orchestra in the manufacturing and agriculture businesses around the world.

Folk Culture

• Folk lore and religion play quite a huge part in Mexican culture. The country is known for being widely Catholic. According to a recent UNAM poll nice out of ten people in Mexico have prayed to saints or virgins for help. This also accounts for business dealings. Although there is no patron saint of business, they are still called upon for help and luck. (3)

Social Culture

• Gender roles in Mexico were long defined as women being stay at home caretakers. Culture has since come around to women being in a place of power and, although women still face struggles of being in an "old boy's club" type society, they have made many important leaps. Mexico recently had it's first woman presidential candidate, Josefina Vasquez Mota. (4)

Social Culture Cont.

• Mexican's are known for their warm greetings. Being kissed on the cheek is not uncommon and to shy away is considered rude. Power distance is at 81, high for a Latino country. This means there is a huge gap in between classes. There are alot of people struggling, and a very few amount of people profiting. Mexico's individualism rating is low (30). Mexican's are known for having large families and being very loyal and responsible to said members. Because of the large amount of Catholics and superstitions, the Uncertainty Avoidance is high. (5)

Financial Infrastructure

• Currency in Mexico is called the Peso. One Mexican Peso equals 0.0636461 US dollars. This exchange rate is determined by the Banco de Mexico and is "an average of quotes in the wholesale foreign exchange market for operations payable in 48 hours. (6)"

Financial INFRASTRUCTURE Cont.

• Although the Banco de Mexico controls the monetary policy, Mexico also has many commercials banks to give consumers more options. Very similar to the U.S. The Mexican stock exchange is the second largest in Latin America. It is called the Mexican Bolsa or BMV. Mexico has a flourishing bond market. As of recent investors have been turning to said bond market. According a to Financial Times article “Mexican government bonds are investment grade, very liquid and the country has strong ties to the US. Mexico is one of the bright spots within emerging markets right now.(8)"

Physical Infrastructure

Financial/ Legal environment

Sources

• 1 Leppert, P. (1996). Culture and Society- Literature. In Doing business with Mexico. Fremont, Calif.: Jain Pub.
• 2 Ilich, T. (n.d.). Mexico - Overview of Mexican Traditional Music. Retrieved June 28, 2015, from http://latinmusic.about.com/od/countrie1/p/PROBASICS17.htm
• 3 Ramon, M. (n.d.). Mexico - Religion. Retrieved June 28, 2015, from http://countrystudies.us/mexico/61.htm
• 4 In Mexico and Around the Globe Women are Moving into Senior Leadership Positions. (n.d.). Retrieved June 28, 2015, from http://www.forbes.com/sites/nathanielparishflannery/2012/03/26/in-mexico-an...
• 5 Mexico Business Etiquette, Culture, & Manners. (n.d.). Retrieved June 28, 2015, from http://www.cyborlink.com/besite/mexico.htm
• 6 Financial system, supervision, Banco de M?xico. (n.d.). Retrieved June 28, 2015, from http://www.banxico.org.mx/sistema-financiero/indexEn.html