In 1982, Mexico announced that it could not meet its foreign debt payment obligations, inaugurating a debt crisis that would "discredit" Latin American economies throughout the decade. This debt crisis would lead to neoliberal reforms that would instigate many social movements in the region. A "reversal of development" reigned over Latin America, seen through negative economic growth, declines in industrial production, and thus, falling living standards for the middle and lower classes. Governments made financial security their primary policy goal over social security, enacting new neoliberal economic policies that implemented privatization of previously national industries and informalization of labor. In an effort to bring more investors to these industries, these governments also embraced globalization through more open interactions with the international economy.