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reviewexam3 - Review for Exam 3 Democracy I Changes in the...

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Review for Exam 3: Democracy I. Changes in the 1960s that “opened up” Spain Only since the early 1960s have the doctrines of economic liberalism been widely practiced in Spain. The so-called Stabilization Plan of 1959 did away with many import restrictions; imposed temporary wage freezes; devalued the nation's currency, the peseta (for value of the peseta--see Glossary); tied Spain's financial and banking operations more closely to those of the rest of Europe; and encouraged foreign investment. After a painful start, the economy took off in the early 1960s, and, during the next decade, it grew at an astonishing pace. The Spanish gross national product expanded at a rate twice that of the rest of Western Europe. Production per worker doubled, while wages tripled. Exports grew by 12 percent a year, and imports increased by 17 percent annually. Between 1960 and 1975, agriculture's share of the economically active population fell by almost half, while the manufacturing and service sectors' shares each rose by nearly a third. Some of this growth was caused by tourism, which brought tens of millions of Europeans to Spain each year, and by the remittances of Spaniards working abroad. Without the liberalization of the economy, however, the overall gains would not have been possible.
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