Transition to a modern economy What is now the 9th largest economy in the world inherited a regulated economy from
Francoism as this started to fade out in 1975. Francoism initiated in the '60s a set of
deregulating moves away from its initial
total control of the economy; these, along with large infrastructure projects, resulted in the paramount economic growth almost overnight which came to be known as the "
Spanish Miracle". However, by Franco's death and the dawn of the
constitutional monarchy, interventionism was still widespread: basic products like bread and sugar had their prices fixed by the government, large public firms controlled all sectors regarded as strategic (Telephone, tobacco, petrol, etc.), shops had fixed opening and closing times (although this too existed, in other European countries, eg.
Germany), both passive and active interest rates were fixed by the government, etc. All these rigidities and more were made obvious by the
1973 oil crisis, which terminated the previous expansion cycle and unleashed a roughly 10 years period of severe industrial crisis (1975-1985). This blow stressed the need to modernize the economy and join the European Community.
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AgriculturaBeterraba (1,2 milhões t).Cevada (7,5 milhões t).Trigo (4,3 milhões t).Batata (4 milhões t).Uvas (3,1 milhões t).Tomates (3 milhões t) (
1994).
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