La economía de la España democrática: un ejercicio de interpretación

Inside the long term perspective offered by the whole process of industrialisation in Spain and particularly over the 20C, the last 25 years of democracy, show an outstanding positive net balance in terms of economic modernisation, above all if this is measured not just in growth rate of per capita income (an area where the advance has doubtless been appreciable), but also due to attainment of the long-awaited aims of convergence with Europe in production structure and the overcoming of traditional obstacles and restrictions which have hampered the free spreading of Spain’s economic potential. This has all occurred, in an evolutionary manner, through three cycles, in which economic and political decisions are superimposed: The transition itself, a difficult but creative period; Spain’s integration in Europe, coinciding with the first three socialist dominated governments, a period of substantial achievement but with a disappointing finale; and the change of century cycle, when the long path towards economic stability was successfully concluded with early introduction of the Euro, though the last cycle is still open, and growing difficulties accumulate in its path as the days pass. We may say in short that in Spain over the last 25 years, a sort of positive interaction has occurred between democracy and economic modernisation. Freedom has boosted economic creativity and the proven ability of the Spanish economy to confront successive competitive aims has contributed to the establishment of democracy.