The Rise and Fall of the Managed Economy

Middleton, Roger

doi:10.1007/978-1-349-20315-4_8

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“…The 1950s and 1960s were the period of the "stop and go" policies, which were based on Keynesian demand-management theory, and which focused on how to make the following four main objectives compatible: full employment, price stability, a current account surplus, and economic growth. The problem for economic management was that after introducing measures to promote growth and employment (the "go" phase), when growth sped up and unemployment was low, balance of payment problems and prices tensions emerged: governments were then forced to respond by increasing taxes, cutting government spending and reducing demand (the "stop" phase) (Middleton 1987). In this context, the IMF advised and supported some stabilization programmes (based on the "stop phase") such as those of the United Kingdom in 1957, Turkey in 1958, France in 1958, Argentina in 1958and Chile in 1959.…”

Section: The 1959 Stabilization Planmentioning

confidence: 99%

1959: The Stabilization Plan and the End of Autarky

Martínez-Ruiz

Pons

2020

Palgrave Studies in Economic History

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This chapter analyses the contribution of the 1959 Plan de Estabilización (Stabilization Plan) to the economic changes that occurred in Spain during the 1960s. Economic growth improved in the 1950s after a decade of stagnation, but it was autarkic growth and the country accumulated serious imbalances. By reducing interventionism, initiating a process of liberalization and creating an appropriate economic framework, after two decades of autarky, the Plan contributed to promoting economic growth and helped change attitudes and mentalities. Moreover, the Plan had a long-term impact by allowing Spain to take advantage of a favourable international context during the 1960s.However, the dictatorship and its political interests restricted the scope of the reforms and negatively shaped the long-term evolution of Spanish economic development.

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Section: The 1959 Stabilization Planmentioning

confidence: 99%