Title

Indecent Proposal: Exposing the 1959 Stabilization Plan of Spain

Document Type

Thesis

Publication Date

1997

Advisor

John Olson; Andres Moreno

Abstract

Spain's Gross Domestic Product throughout the 1960's advanced at 7.5%, ranking it the fastest growing country in Europe, and second most rapidly growing country in the world. Industry replaced agriculture as the dominant sector, Spain adopted an export-oriented trading agenda, and the nation finally became recognized as a competitor in the international market. What led to this "economic miracle"? Indecent Proposal discusses the motives and results of the 1959 Stabilization Plan of Spain, and challenges the claim that this decisive government policy of the Franco regime was the single most decisive element in propelling Spain into the 20th century. This thesis is an analysis of the Plan's policy actions to determine which short-run and long-run economic effects can theoretically be attributed to the Plan. After employing standard economic tools in conjunction with an in-depth study of Spanish history, society and politics, I came to the conclusion that the success of the long-term conditions originally associated with the Plan should not be attributed to it. The evidence suggest that other factors are responsible for the tremendous economic development; this misplaced credit marks the 1959 Stabilization Plan of Spain an Indecent Proposal.

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