How far reaching was economic and social change in the years 1956-75? - THE 'ECONOMIC MIRACLE' 1960-75 Flashcards
Balance of trade 1959 vs. 1975
1959: $253 million
1975: $8,516 million
What was the impact of technocrats?
- liberalisation of price levels
- increased competition
- reduced state controls
- price of consumer goods led by market forces not gov controls
What commodities were particularly affected by the economic miracle?
tobacco, petrol + food particularly affected - prices falling = positive impact on living standards
1959-73 growth of rate of foreign investment?
1959
3,895 million pesetas a year
1975
105,430 million pesetas a year
In % where was the foreign investment from?
40% from USA, 17% from Switzerland, 10% from G + Br
When did President Eisenhower visit Spain?
1959
What was the impact of President Eisenhower visiting Spain?
his visit boosted Spain’s image bc Franco’s regime endorsed/accepted by USA
What did Franco believe was at the heart of economic progress?
his policy of desarrollismo (‘developmentism’)
What do historians believe was the key factor for economic success?
foreign investment
1960-74 foreign investments?
$7.6 billion foreign capital invested in Spain
+
$1 billion in loans to government
What else was a factor of Spain’s economic success?
growth coincided with general post-war boom across Europe
% Overseas investment accounted for in 1970?
42% of investment in S electronics
50% investment in S car manufacturing
37% investment in S chemical industry
% of households owned a TV in April 1960 vs. July 1975?
April 1960 - 1% of households owned a TV
July 1975 - 89% of households owned a TV
What made Spain a key attraction to foreign investors?
cheap labour, limited civil + employment rights
Impacts of exposure to the free market?
- avg. income triple in the 1960’s (not all tho)
- better diets
- more leisure time
1960 vs. 1975 avg. calories per citizen per day?
1960 - 2,200
1975 - 3,000
What other positive things happened?
- massive increase in consumer goods purchases
- less reliant on agri
- became more industrialised
- growing urban settlements around tourist resorts
Spain’s position as an industrial econ?
Spain = 9th biggest industrial econ in world before slowdown in mid-1970s
What were people like as a result of economic success?
people were happier, better educated, had more freedom of opportunity
What was the opinion on Franco’s policy change?
Franco vindicated for change in policy decision
