Spanish miracle

Source: Wikipedia, the free encyclopedia.
This article is about an economic boom from 1959 to 1974. For more recent economic developments, see Economy of Spain.
The 142 m Torre de Madrid, built in 1957, heralded the "Spanish Miracle".

The Spanish miracle (

GDP averaged a 6.5 percent growth rate per year,[2] and was itself part of a much longer period of an above average GDP growth rate from 1951 to 2007.[3] The economic boom came to an end with the 1970s international oil and stagflation crises that disrupted the industrialised world although several scholars have argued that "liabilities accumulated during years of frenzied pursuit of economic development" were in fact to blame for the slow economic growth of the late 1970s.[4]

Initiation of boom

Main article: Stabilization Plan

After a very slow recovery from the devastation of the

Japan,[6]
and grew to become the ninth largest economy in the world.

Industrialization

A monument in Fuengirola, Spain for the SEAT 600, a symbol of the Spanish miracle[7]

The rapid economic expansion reinvigorated old industrial areas: the

Ensidesa in Avilés and the shipbuilder Empresa Nacional Bazán. With heavy protection from foreign competition in the domestic Spanish market, those companies led the industrialisation of the country, restoring the prosperity of industrial areas like Barcelona and Bilbao and creating new industrial areas, most notably around Madrid
. Although there was economic liberalisation in the period, key enterprises remained under state control.

Automotive industry

The

working-class
families. However, at the end of the period, it was the second car for many more.

See also

References

  1. ^ Leandro Prados de la Escosura: Spanish economic growth in the long run: What historical national accounts show, 2016
  2. ^ Leandro Prados de la Escosura: Spanish economic growth in the long run: What historical national accounts show, 2016
  3. ^ Leandro Prados de la Escosura: Spanish economic growth in the long run: What historical national accounts show, 2016
  4. ISBN 978-1-137-32990-5
    .
  5. ^ Jensen, Geoffrey. "Franco: Soldier, Commander, Dictator". Washington D.C.: Potomac Books, Inc., 2005. p. 110-111.
  6. Forbes
    . Retrieved December 30, 2017.
  7. ^ Fernández, Fernando (14 November 2008) El coche como símbolo del declive ABC opinión.
  8. ^ J.L. García Ruiz, "Barreiros Diesel y el desarrolo de la automoción en España" (PDF).
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