Stabilization and growth under dictatorship: the experience of Franco's Spain

Joan Rosés and Isabel Sanz Villarroya
Authors registered in the RePEc Author Service: Leandro Prados de la Escosura () and Isabel Sanz-Villarroya ()

IFCS - Working Papers in Economic History.WH from Universidad Carlos III de Madrid. Instituto Figuerola

Abstract: Stabilizing and liberalizing policies are key elements of the Washington Consensus. This paper adds a historical dimension to the ongoing debate by assessing the economic impact of market-oriented reforms undertaken during General Franco’s dictatorship, the 1959 Stabilization and Liberalization Plan. Using an index of macroeconomic distortions (IMD) the relationship between economic policies and the growth record is examined. Although a gradual reduction in macroeconomic distortions was already in motion during the 1950s, the 1959 Plan opened the way to a new institutional design that favoured a free-market allocation of resources and allowed Spain to accelerating growth and catching up with Western Europe. Without the 1959 Plan, per capita GDP would have been significantly lower in 1975.

Keywords: Growth; Macroeconomic; policy; Stabilization; Liberalization; Dictatorship; Anti-market; policies; Spain (search for similar items in EconPapers)
JEL-codes: E65 F43 N14 N44 O43 (search for similar items in EconPapers)
Date: 2010-02
New Economics Papers: this item is included in nep-fdg, nep-his and nep-mac
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Working Paper: Stabilization and Growth under Dictatorship: The Experience of Franco's Spain (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:cte:whrepe:wp10-02

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