How was Mexico hurt by trying to develop just one major industry?

When a country relies on a single major industry, it becomes highly susceptible to economic fluctuations. If the industry faces challenges, such as declining demand or technological advancements, the entire country's economy can suffer.

2) Dependence on imports:

Focusing on one industry often means neglecting other sectors, leading to a dependence on imports for essential goods and services. This can drain foreign exchange reserves and make the country vulnerable to external economic shocks.

3) Limited job opportunities:

Over-reliance on a single industry limits the job opportunities available to the workforce. Diversification creates a broader spectrum of industries, leading to more job opportunities and fostering economic growth.

4) Resource depletion:

Excessive focus on a specific industry can lead to the overexploitation and depletion of natural resources, resulting in environmental degradation.

5) Market saturation:

An overemphasis on a single industry may lead to market saturation and reduced profitability, as supply outpaces demand.