Background
José Limantour was born on 26 December 1854 in Mexico City, Mexico.
José Limantour was born on 26 December 1854 in Mexico City, Mexico.
After private primary schooling in Mexico, Limantour went to Europe at 14. There he attended the National Preparatory School. He received a law degree with specialized studies in economics and management.
He was the outstanding member of the intimate group Scientificos (scientific experts) who surrounded the Mexican dictator Porfirio Díaz. Diaz' admirers supposed Limantour to be a wizard of finance. He served for a number of years as secretary of the treasury in the Diaz cabinet and promulgated a number of reforms, among them the abolition of the sales tax. His policy stimulated commerce and greatly increased exports. Limantour was popular among the governing group in Mexico and among foreigners, but not among the common people. At the time of the Revolution of 1911 he was compelled to flee to Europe.
As Secretary of Finance, he expanded foreign investment into Mexico, supported free trade, and balanced the budget for the first time and generated a budget surplus by 1894. However, even with the economic prosperity of Mexican business, the common people of the country suffered because of the rising cost of food.
He became a member of the Académie des Sciences Morales et Politiques.
