Between Empire and Globalization: An Economic History of Modern Spain

This book provides a rigorously chronological journey through the economic history of modern Spain, always with an eye opened to what happens in the international economy and a focus on economic policy making and institutional change. It shows the central theme of the Spanish economy from the late 18th century to the early 21st century is the painful transformation from being a major imperial power to a small nation and later a member of the European Community and a player in a globalized economy. It looks in detail at two major issues - economic growth and convergence or divergence to the Western European pattern- and the permanent tension between the two when assessing historical experience since the industrial revolution. This book proposes new visions of the economic past of Spain and provides comparisons over time and space, which will be of interest to academics and students of economic history, European economic history and more specifically Spanish economic history.

Albert Carreras is Professor of Economics and Business, at Universitat Pompeu Fabra, Barcelona, Spain. Prior to this he held positions at Universitat de Barcelona and European University Institute, Italy. He has served as Dean of the UPF School of Economics and Business, and Secretary General of the Spanish Economic History Association.

Xavier Tafunell is Associate Professor of Economics and Business at Pompeu Fabra University, Barcelona, Spain, and a Barcelona GSE Affiliated Professor. He is the editor, with Albert Carreras, of a three volumes collection on Spanish Historical Statistics.

1 The Economic Growth of Spain: A Very Long-Term

Perspective 1 The Natural Constraints 2 The Demographic Transition3 The Increase in GDP and GDP Per Capita: A ComparativePerspective4 The Spanish Economy between Empire and Globalization:Another Comparative Perspective5 Welfare: Looking for Better Assessments of Well-being 5.1 Stature5.2 Human Development6 Prices, Money and CurrencyBibliographic Orientation2 From Empire to Peripheral Economy (1789-1840) 1 The Collapse of Colonial Trade 2 The Bankruptcy of the Absolutist Treasury 3 The Crisis of the Old Regime and the Liberal Revolution4 Between Agriculture and Industry: The Formation of theNational Market5 Spain in the Great Divergence: The Failure of thePrerequisites to Emulate British IndustrializationBibliographic Orientation3 The Impact of European Industrialization: The DoubleFailure of Agrarian and Industrial Strategies (1840-1890)1 The Limits of Agricultural Expansion2 Economic Liberalization and Internationalization3 State Reform: Tax Reform4 The Great Railways and Banking Business Cycle5 Problems of the First IndustrializationBibliographic Orientation4 Spain in the First Economic Globalization (1890-1914)1 The Transport Revolution and the Great Agrarian Depression2 The Protectionist Shift and the Loss of the Last OverseasColonies3 The Formation of the Modern Business Enterprise and theStart of the Second Industrial Revolution4 A Slow DivergenceBibliographic Orientation5 The Spanish Economy During Great War and InterwarYears (1914-1936)1 The Impact of War on a Neutral Economy2 The Consequences of the War: The Distributive Struggle3 Growth and Structural Changes During the 1920s4 The Depression of the 1930s in SpainBibliographic Orientation6 The Isolation from the International Economy: Civil Warand Autarky (1936-1951)1 War Economy, Social Revolution and War Financing2 The Macroeconomic and Distributional Impact of AutarkicFrancoism3 Market Intervention: Black Market and Rationing4 Autarkic PoliciesBibliographical Orientation7 Import Substitution Industrialization (1951-1959)1 Cold War, American Aid and Tempering of Interventionism2 From Autarky to Import Substitution Industrialization3 The Structuring of a National Capitalism4 The Unsustainability of the Growth Model. TheStabilization PlanBibliographic Orientation8 Spain in the Golden Age: Reintegration into theInternational Economy (1960-1973)1 Liberalization, Opening Up to the Outside World andEconomic Integration2 The Transition from a Semi-Industrial to an IndustrializedEconomy3 The "Industrialization" of Agriculture4 Franco's Neo-InterventionismBibliographical Orientation9 Economic Crisis and Political Transition (1973-1985)1 The Macroeconomic Impact of the Double Oil Shock and theTransition to Democracy2 Adjustment Policies and Social Pacts3 The Emergence of the Welfare State4 Industrial and Banking Crisis and Mass Unemployment5 Industrial Restructuring, Bank Rescue and OtherStructural PoliciesBibliographic Orientation10 Integration into the European Economy (1986-1998)1 The Business Cycle of Joining the European Union2 The Real Effects of Integration3 The Nominal Effects of Integration4 Institutional Reform Policies5 The Transition to the Single Currency Bibliographic Orientation11 Spain in the Euro Area (1999-2017)1 The Economic Cycle of Joining the Euro and UnbridledIndebtedness2 The Credit, Real Estate and Immigration Boom. TheInternationalization of Spanish Business3 Macroeconomic Imbalances and the Bursting of the Bubble:The Banking and Fiscal Crises4 The Rescue of the Banking, and Labour and Pension SystemReforms5 The Economic RecoveryBibliographical Orientation12 Balance of Two Centuries: Growth Engines and EconomicPolicies1 Growth Engines: The Sources of Productivity Growth1.1 Structural Change1.2 Productivity1.3 Amount of Labour: Participation and Employment1.4 Quality of Labour: Education2 Performance of Economic Policies2.1 Economic Internationalization-Foreign AccountsBalance2.2 The Role of the State-Public Accounts Balance2.3 Monetary Policy and the Management of theExchange Rate3 The Outcome: Changing Inequalities4 To Sum UpBibliographical Orientation