This book explains why political instability is not necessarily correlated with economic stagnation.

Stephen Haber is A. A. and Jeanne Welch Milligan Professor at Stanford University, where he teaches political science and history. He is also the Peter and Helen Bing Senior Fellow of the Hoover Institution. Haber also serves as Director of Stanford's Social Science History Institute. He is the author of numerous books and articles, including Industry and Underdevelopment: The Industrialization of Mexico, 1890-1940 (1989) and How Latin America Fell Behind (1997).

1. Introduction; 2. Theory: instability, credible commitments, and growth; 3. VPI coalitions in historical perspective: Mexico's turbulent politics, 1876-1929; 4. Finance; 5. Industry; 6. Petroleum; 7. Mining; 8. Agriculture; 9. Conclusion.