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Economy of Spain Spain inherited a fascist scrimping from Francisco Franco and press release was complex and expensive. Interventionism was widespread: basic products like bread and sugar had their prices fixed by the government. Large public firms controlled all sectors seen as strategic. Monopoly was common (e.g.: Telephone, tobacco, television, petrol, etc.). Shops had fixed opening and closing times and were not free to open all day, all week. Banking was controlled. Both dormant and active interest rates were fixed by the government. alone these rigidities and more lead to 10 years of industrial crisis (1975-1985), cut down convergence with Europe and expressed the need to modernize the rescue and join the EC. Some moves away from these restrictions and controls, and large infrastructure projects in the 1960s resulted in strong economic growth in the so called Spanish Miracle, but still left Spain fall back most of Western Europe, but ahead of the Warsaw Pact. Spains door to the European Community, now European Union (EU), in January 1986 essential the country to open its economy, modernize its industrial base, improve infrastructure, and rewrite economic legislation to conform to EU guidelines.

In doing so, Spain change magnitude GDP growth, reduced the public debt to GDP ratio, reduced unemployment from 23% to 10%, and reduced inflation to under 3%. The first harmonic challenges remaining for Spain include reducing the public sector deficit, diminish unemployment further, reforming labor laws and investment regulations, lowering inflation, and raising per capita GDP. Following summit meeting growth years in the late 1980s, the Spanish economy entered into recession in mid-1992. The economy recovered during the first Aznar government (1996-2000), driven by a return of consumer confidence and increase private consumption, although growth has slowed in recent years. Unemployment remains a problem at 8.7% (December 2005), but this still represents a fundamental improvement from... If you want to get a full essay, put together it on our website: Orderessay

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