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While it's true that the U.S. is the most convenient market for Mexican cartels, it's worth knowing that it's far from the only one. Mexican drug cartels have major connections to markets across the globe. and that Mexico specifically is the de facto administrator of drug trade in the western world. For example, a drug bust in India found fentanyl that had been purchased in Mexico from China. . That's not the sort of arrangement that the US can ever hope to do away with through domestic legislation without undermining the autonomy of dozens of states around the globe.
While removing the cartels' access to the American market via decriminalization would certainly take away a lot of funds, let's not act like black market operations don't exist in legal markets anyway.
In this hypothetical situation where the US is responsible for Mexico's drug cartel problem (which I disagree with), I don't think the road to success ends at the US legalizing drugs.
The US is the key source from war on drugs legislation and still a major fighter against efforts to decriminalize and legalize drugs. If it would change its attitude, it would open up political space for other countries that typically follow suit to the US. Also it would serve as evidence that legalisation with good regulation is better than criminalisation.
This is true, another example is Ecuador who is fighting an incredible surge in gang violence because the Mexican cartels are now operating in the south American country.
When there's a clean supply of drugs green-lit by a superpower like the US, wouldn't it naturally be exported to other countries? Sure, the cartel would still exist, but for the drug trade specifically, better availability of safe, quality drugs internationally would reduce international demand for cartel drugs, no? Wouldn't other countries start manufacturing said drugs to import into the US as well, making it easier to fill the black market with regulated products?