The relationship between migration and development is a topic of growing interest among international organizations. Although there are some variations, those organizations see remittances as an essential resource for the development of the migrant-sending countries. We argue that this view, on which most related public policies are based, distorts the notion of development and obscures the root causes that drive the current dynamics of labor migration. Using Mexico's experiences as our reference point, we suggest that the phenomenon must be analyzed from the viewpoint of the political economy of development, giving consideration to three interrelated key dimensions: regional economic integration, national development models, and social agents. We reach the conclusion that in the context of the regional integration molded by NAFTA, the dynamics of migration to the United States have mushroomed and socioeconomic dependence on remittances in Mexico has deepened. That situation demands a radical change in public policies on migration and development.