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By Sima Lieberman

Development and concern within the Spanish financial system: 1940-93 appraises the turbulent improvement of the Spanish economic climate over the past fifty years and locations present financial difficulties of their old context. Sima Lieberman examines the commercial, political and social difficulties inherited from the Franco period and their evolution into the current.

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Spanish wolfram, an important alloy used in the manufacturing of certain types of steel, was coveted by both the United States and Germany. For its acquisition America was willing to pay Spain the $ 10,000-a-ton tax imposed by Franco’s government in order to prevent the shipment of this metal to Germany. , 1973, 28). The end of the war in Europe on 7 May 1945, put an end to the foreign demand for Spanish minerals. From that time on, and until the end of the decade, Spain found herself practically isolated from most of the world.

The victorious Right included the high officials in the Roman Catholic Church and in the military, the large landowners and the financial and industrial oligarchy (Fontana, J. , 1976, 503). With the strong support given him by Spain’s political Right, General Franco emerged from the Civil War as the country’s autocrat whose absolute powers could not be limited by law because he ruled Spain ‘por la Gracia de Dios’. A strong nationalist, and very much influenced by Mussolini’s fascism, the Caudillo started his long reign with a dogmatic belief in the virtues of national economic and military self-sufficiency.

World War II brought some benefits to the Spanish economy. Spanish wolfram, an important alloy used in the manufacturing of certain types of steel, was coveted by both the United States and Germany. For its acquisition America was willing to pay Spain the $ 10,000-a-ton tax imposed by Franco’s government in order to prevent the shipment of this metal to Germany. , 1973, 28). The end of the war in Europe on 7 May 1945, put an end to the foreign demand for Spanish minerals. From that time on, and until the end of the decade, Spain found herself practically isolated from most of the world.

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