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The Spanish Miracle From 1959 to 1973

Rajko Petrović, M.A. [1]
Paper Received: 01.01.2020.
Paper Accepted: 21.03.2020.
DOI: 10.5937/Oditor2001063P

Review

UDC:
330.341.424(460)”1959/1973″
EAT: O14

Summary:

In this paper, we will analyze the effects of one of the most significant economic ventures on the soil of Europe after World War II. This is a series of measures for the recovery of the faltered Spanish economy, which in economic theory is called the “Spanish economic miracle”. After the Spanish Civil War and then World War II, Spain was an underdeveloped and impoverished country, and in political and economic terms closed to foreign countries. A wide variety of reforms were initiated by the Spanish dictator Francisco Franco, while in practice they were implemented by the so-called technocrats. Economic results have been very favourable, but they were stopped by the outbreak of the oil crisis in the 70s. The conclusion is that reforms resulted in a strong industrialization of the country, opening up to European and the world market, developing Spain’s tourism potential, and creating a strong middle-class population. In this paper we will use a case study, comparative method and statistical analysis.
Keywords: Spain, economic miracle, industrialization, tourism, oil crisis

[1] Rajko Petrović, M.A., Research Trainee, Institute for European Studies, Belgrade, Phone: +381 60 31 71 992, E-mail: rajko.petrovic@ies.rs