Stabilization Plan

The Stabilization Plan of 1959 (Spanish: Plan de Estabilización de 1959) or the National Plan of Economic Stabilization (Plan Nacional de Estabilización Económica) were a series of economic measures taken by the Spanish Government in 1959. Its main goal was the economic liberalization of the Spanish markets, marking a turning point from the previous policies oriented towards achieving autarky. The implementation of the plan led to mass migration movements (internal migrations but also abroad), with the population and the economic activity concentrating in the most dynamic areas, hollowing the rest of the country. The Stabilization Plan of 1959 caused a sharp recession in 1959. Unemployment increased due to the decrease in production caused by higher imports, which lowered the demand for national products. This decrease in production also led to lower consumption and wage freezes. The monetary reserves of the Bank of Spain increased, inflation dropped from 12.6% in 1958 to 2.4% in 1960, Spain attracted foreign investment, and the relaxation of tariffs led to the import of new technologies. Following the recession of the Stabilization Plan, there was an economic boom in Spain in the 1960s and early 1970s.

1959 Spanish economic reform

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The Stabilization Plan of 1959 (Spanish: Plan de Estabilización de 1959) or the National Plan of Economic Stabilization (Plan Nacional de Estabilización Económica) were a series of economic measures taken by the Spanish Government in 1959. Its main goal was the economic liberalization of the Spanish markets, marking a turning point from the previous policies oriented towards achieving autarky.

The implementation of the plan led to mass migration movements (internal migrations but also abroad), with the population and the economic activity concentrating in the most dynamic areas, hollowing the rest of the country.^[1]

Main article: Spanish miracle

The Stabilization Plan of 1959 caused a sharp recession in 1959. Unemployment increased due to the decrease in production caused by higher imports, which lowered the demand for national products. This decrease in production also led to lower consumption and wage freezes.^[2] The monetary reserves of the Bank of Spain increased, inflation dropped from 12.6% in 1958 to 2.4% in 1960, Spain attracted foreign investment, and the relaxation of tariffs led to the import of new technologies.

Following the recession of the Stabilization Plan, there was an economic boom in Spain in the 1960s and early 1970s.^[3][4]

See also

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• Francoist Spain
  • First Francoism
• Economy of Spain
• Economic history of Spain
• 1959 in Spain

References

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1. ^ Ródenas, Carmen (2008). "Migraciones interiores 1960-1985: balance de la investigación y análisis de las fuentes estadísticas". In Torre, Joseba de la; Sanz Lafuente, Gloria (eds.). Migraciones y coyuntura económica del franquismo a la democracia (PDF). Zaragoza: Prensas Universitarias de Zaragoza. p. 65. ISBN 978-84-92521-84-5.
2. ^ Ortega, Bienvenido; Núñez, J. Aníbal (2002). "El proceso de crecimiento de la economía española (I): Los cambios que introduce el Decreto-Ley de Ordenación Económica de 21 de julio de 1959". Economía Española (in Spanish). Ariel. ISBN 978-84-344-4557-4.
3. ^ Leandro Prados de la Escosura: Spanish economic growth in the long run: What historical national accounts show, 2016
4. ^ Fusi, Juan Pablo. El boom económico español (in Spanish). Cuadernos Historia 16. ISBN 84-85229-77-0.

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