Word: spain
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Dates: during 1950-1959
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...favorite argument for dictators is that they impose order and thus smooth the way for improvements, but in 20 years of Francisco Franco, the Spanish economy has seen precious little improvement. Partly to blame were the aftermath of Spain's ruinous Civil War, the international war that followed, and the long years of political isolation. But the rest lay in Franco's inept administering, in Spain's archaic economic system, and perhaps in those national qualities described by a 19th century Spanish statesman: "I do not know where we are going, but I do know this-that...
...Exports have fallen ominously behind imports, capital has fled to safe foreign banks, and since the government is too short of cash to buy raw materials, businessmen regularly resort to the black market. Last week, becoming a full-fledged member of the Organization for European Economic Cooperation, Spain vowed to change all that...
...Paris, to start a long list of major reforms. The government decreed that the peseta, which up until now has been subject to at least 13 different exchange rates, would be fixed at 60 to the dollar. Excused for the time being from paying $45 million in foreign debts. Spain would get an injection of $375 million in additional aid from the U.S., OEEC, the International Monetary Fund, private U.S. concerns...
...Given Spain's economic history, the most impressive part of the program is that which concerns discipline at home. Though credit has already been tightened to such a degree that many industries have h,ad to suspend payment of debts, it will get even tighter. Spain has agreed to remove controls on a long list of imports, will set acceptable "global quotas" on others. The government has also ordered a six-month amnesty on the return of all fugitive capital in the hope of rebuilding cash reserves...
...homes instead of trying to persuade Frenchmen to drink milk.") Winston has plenty of housetops to preach from. Outside Paris he put up 250 U.S.-style, moderately-priced houses and apartments to show off American mass-production building methods, sold them so fast that he plans hundreds more. In Spain's new steelmaking town of Aviles, he is building a $45 million city of 3,500 two-bedroom houses (price...