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- Title
The Marshall Plan and the Spanish postwar economy: a welfare loss analysis<sup>1</sup>.
- Authors
CARRASCO‐GALLEGO, JOSÉ A.
- Abstract
This article uses historical fact as a natural experiment to measure a country's welfare loss from shifting from an allowed to a restricted trade situation, based on international trade theory. A welfare loss of 8 per cent of GDP is found. The evolution of domestic import and export prices in Spain in 1940-58 fits international trade theory assumptions. The main years of autarky are not those commonly considered, but 1947-55, marked by the exclusion of Spain from the Marshall Plan and the Madrid Treaty between Franco's regime and the US. The upper-bound welfare loss for 1947-55 is 26 per cent of GDP.
- Subjects
SPAIN; MARSHALL Plan; AUTARCHY; INTERNATIONAL trade; GROSS domestic product; INTERNATIONAL economic assistance; FRANCO, Francisco, 1892-1975; SPANISH economy, 1918-1975; SPANISH politics &; government; 20TH century Spanish history; TWENTIETH century; HISTORY; COMMERCE
- Publication
Economic History Review, 2012, Vol 65, Issue 1, p91
- ISSN
0013-0117
- Publication type
Article
- DOI
10.1111/j.1468-0289.2010.00576.x