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American Military Interests and Economic Confidence in Spain under the Franco Dictatorship

Published online by Cambridge University Press:  10 September 2007

Oscar Calvo-Gonzalez
Oscar Calvo-Gonzalez
Affiliation:
Principal Economist, European Central Bank, Kaiserstrasse 29, Frankfurt am Main 60311, Germany. E-mail: [email protected].
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Abstract

The security of property rights is fragile under dictatorships. This is particularly so if economic agents are uncertain as to whether the regime will last. As a result, private investment is withheld and economic performance is poor. Spain was in such a situation after World War II. However, as the Cold War intensified the United States became interested in Spain as a military ally, thereby helping to consolidate Franco's regime. This led to an increase in economic confidence and helps to explain why economic growth resumed in Spain ahead of significant changes in its autarkic economic policies.

Type
ARTICLES
Information
The Journal of Economic History , Volume 67 , Issue 3 , September 2007 , pp. 740 - 767
Copyright
© 2007 The Economic History Association

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