Stabilization Plan
The Stabilization Plan of 1959 (Spanish: Plan de Estabilización de 1959) or the National Plan of Economic Stabilization (Spanish: 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.
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The Plan led to an economic boom in Spain for most of the 1960s.[1] 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. On the negative side, 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]
References
- Fusi, Juan Pablo. El boom económico español (in Spanish). Cuadernos Historia 16. ISBN 84-85229-77-0.
- 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.