Carlos Slim: Wealth, Power, and Inequality in Modern Mexico

Carlos Slim Helú is one of the most influential entrepreneurs of the modern era and, for several years, was considered the richest person in the world. Born in Mexico City in 1940, Slim is the son of Lebanese immigrants who fled political and economic instability in the early 20th century. His father arrived in Mexico with little money but gradually built a small business through discipline, saving, and long-term planning.

From a young age, Slim was exposed to financial thinking and business strategy. Rather than depending solely on inheritance, he developed analytical skills that allowed him to identify undervalued companies during moments of economic crisis. While many investors avoided risk during periods of inflation and debt, Slim saw opportunity and expanded his influence.

His major breakthrough came during the privatization of Mexico’s telecommunications industry, when he acquired Telmex, the former state-owned phone company. This acquisition allowed him to build a telecom empire that dominated the national market and later expanded across Latin America through América Móvil.

Over time, Slim diversified into banking, construction, mining, retail, infrastructure, and media. Through Grupo Carso, he also acquired a significant stake in The New York Times, symbolizing his global reach and financial power beyond Mexico.

Supporters admire Slim’s discipline, patience, and long-term vision. He is known for living relatively modestly and reinvesting profits rather than spending extravagantly. Through his philanthropic foundation, he has funded education, healthcare, and cultural initiatives.

However, critics argue that his success is closely linked to monopolistic practices that limited competition and kept prices high for consumers. His story highlights a deeper structural problem within Mexico’s economic system: extreme wealth existing alongside widespread poverty and limited social mobility. This contrast raises questions about capitalism, regulation, and whether free markets can truly function fairly in unequal societies.

2. Vocabulary Match

Instructions: Match the word with the correct definition.

WordDefinition
1. empirea. a person who moves to another country to live permanently
2. reinvestb. money or assets passed down from family members
3. income gapc. priced below its true economic value
4. acquisitiond. the transfer of a public company to private ownership
5. immigrante. the act of buying or taking control of a company
6. structuralf. to spread investments across different industries
7. undervaluedg. a share or ownership interest in a company
8. diversifyh. a large and powerful business network
9. inheritancei. strong self-control and consistency
10. monopolisticj. to put profits back into a business
11. competitionk. dominating a market with little or no competition
12. disciplinel. rivalry between companies in the same industry
13. stakem. deeply built into the organization of a system
14. privatizationn. the difference between rich and poor

3. Synonym Match

Instructions: Match each word to its synonym on the same line.

WordSynonym
1. controversial— major turning point
2. acquire— power
3. vision— grow
4. expand— obtain
5. inequality— business network
6. admire— respect
7. breakthrough— disapproval
8. influence— imbalance
9. empire— foresight
10. criticism— debated

4. Top 5 Famous Entrepreneurs – Discussion Task

Instructions: Choose two entrepreneurs and discuss the questions below.

  1. Carlos Slim – 

  2. Elon Musk –  

  3. Jeff Bezos – 

  4.  Juan Roig

  5.   Isak Andic

  6.  Amancio Ortega

  7. Jack Ma – E-commerce & fintech

Guiding Questions:

  • Innovation or market domination?

  • Relationship with government

  • Social impact

  • Public admiration vs. criticism

5. Role-Play Activities

Role-Play A – Family Dinner Debate: Carlos Slim – Hero or Villain?

Characters:

  • Parent – neutral

  • Young Adult – admires Slim

  • Relative – criticizes inequality

Starter:
Parent: Everyone has strong opinions about Carlos Slim. Why?
Young Adult: He built an empire through intelligence and discipline.
Relative: And ordinary people paid the price for that empire.

Role-Play B – Live Economic TV Panel

Characters:

  • Host

  • Economist A – pro–free market

  • Economist B – anti-monopoly

Starter:
Host: Has Carlos Slim strengthened or damaged Mexico’s economy?
Economist A: He modernized infrastructure and created growth.
Economist B: At the cost of competition and fairness.

Role-Play C – Small Business Owner vs. Telecom Executive

Characters:

  • Business Owner

  • Telecom Executive

Starter:
Owner: Internet prices are hurting small businesses.
Executive: Infrastructure investment is extremely expensive.

Role-Play D – Government Regulators Meeting

Characters:

  • Regulator A – anti-monopoly

  • Regulator B – pro-investment

  • Minister – mediator

Starter:
Regulator A: Monopolies must be broken up.
Regulator B: Investors will leave the country.
Minister: We need balance.

Role-Play E – University Podcast Debate

Characters:

  • Student A – praises ambition

  • Student B – highlights inequality

Starter:
Student A: Success like his doesn’t happen by accident.
Student B: Neither does extreme inequality.

6. Corporate Power & Market Dominance

Exercise 1 – Dominant Companies and Real Power

Instructions:
The industries below are not total monopolies, but they are strongly dominated by very successful companies. Discuss who are those companies,  how much power they really have in their industry and whether the industry is being harmed , or not, by their dominance? Do they have any competitions or emerging competition ?

Industries and dominant companies

  • Internet search — 

  • Social media —  

  • Online retail —  

  • Smartphones —  

  • Streaming —  

  • Electric vehicles —  

  • Ride-sharing — 

  • Fast food —  

  • Sportswear — 

Discussion Prompts

  • How do these companies shape consumer behavior?

  • How hard is it for new competitors to enter the market?

  • Are they beneficial or harmful?

  • Should governments regulate them more strictly?

7. Comparing Industries & Risk

Exercise 2 – Comparing Industries

Instructions:
Compare each pair and decide which would be more dangerous to monopolize.

  • Healthcare vs. Social media

  • Energy vs. Fashion

  • Education vs. Entertainment

  • Banking vs. Transportation

  • Technology vs. Food

Useful language

  • In contrast to…

  • A key difference is that…

  • This would have more serious consequences because…

8. Agree or Disagree?

Exercise 3 – Opinion & Justification

Discuss whether you agree or disagree:

  1. “Monopolies are harmful in every industry.”

  2. “Consumers don’t really need many choices.”

  3. “Large companies are more innovative than small ones.”

  4. “Governments are too slow to control powerful corporations.”

  5. “Some industries function better with very limited competition.”

9. Ranking Task – The Danger of Monopoly

Exercise 4 – Ranking Task

Rank from most dangerous to least dangerous to monopolize:

  • Healthcare

  • Energy

  • Technology

  • Food

  • Banking

  • Education

Be prepared to justify your choices.

10. Final Reflection

  • Is Carlos Slim more a cause or a symptom of inequality?

  • Can capitalism function without monopolies?

  • Should governments limit extreme personal wealth?


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