Growth and Crisis in the Spanish Economy: 1940-1993 by Sima Lieberman

By Sima Lieberman

Appraises the turbulent improvement of the Spanish economic climate during the last fifty years and locations present financial difficulties of their historic context. the writer examines the industrial, political and social difficulties inherited from the Franco period and their evolution into the current. The ebook includes:
* an in depth dialogue of monetary improvement below Franco, together with the increase years of the Nineteen Sixties through the decline of the early 1970s;
*an research of the last decade of financial predicament which merely resulted in 1985;
*an overview of the industrial successes accomplished by means of the Gonzalez executive throughout the moment 1/2 the 1980s;
*an research of why, regardless of critical makes an attempt to revitalize the commercial zone, Spain nonetheless has one of many maximum degrees of unemployment within the OECD.

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Extra info for Growth and Crisis in the Spanish Economy: 1940-1993 (Routledge Studies in the European Economy)

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The inflationary policies pursued by both the government and the private banks further impeded the acceleration of economic growth. The banks were allowed to create unlimited volumes of credit and their indiscriminate lending fuelled the country’s price inflation. , 514). The Ministry of Labour concurrently allowed wage increases to prevent a serious deterioration of workers’ purchasing power. The resulting pricewage spiral was strengthened in 1956 when frosts destroyed most of Spain’s exportable citrous crop, thereby weakening the country’s export capacity.

Because the most favourable export rate remained lower than the prevailing black market rate, the new exchange rate system failed to stimulate exports. From 1951, the monetary authorities started reducing the number of export and import classifications commanding different exchange rates; exports were reduced to six different rate groups and imports to seven. At the same time, the operation of a ‘free foreign exchange market’ was permitted by the authorities; private banks were allowed to acquire up to 90% of the foreign exchange earned by Spanish exporters and could sell to Spanish importers in possession of an official import permit up to 100% of their foreign exchange needs as defined by their import permit.

The plans were the product of López Rodó’s ‘Commissariat for the Plan’, initially a small agency attached to the Office of the Presidency of Government and subsequently transformed into a large ‘Ministry for the Planning of Development’. These organizations formulated the Development Plans for the periods 1964–7, 1968–71 and 1972–5. The principal goal of these plans was to increase productive private investment and largely ignored income redistribution and the reduction of regional imbalances, particularly because the latter measures were thought of as slowing down the increase in private investment.

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