Word: spain
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Dates: during 1960-1969
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Last week that fact was acknowledged by the Common Market. Because of longstanding political hostility to Dictator Franco, the Six steadfastly refuse to grant Spain the membership he badly wants. But meeting in Brussels, the Market ministers agreed to hold "exploratory talks" on joint economic problems. Spaniards, who had feared a complete turndown and their regime's retreat to isolation, were jubilant...
...Takeoff Point. Viewed against more advanced neighbors, Spain is hardly fat. Per-capita income has risen more than 22% since 1961-but is still only $342, against $1,250 in France and $1,255 in West Germany. A skilled laborer's weekly pay is a slim $18 to $24. Last year's pay raises, provoked in part by bitter strikes, have not been matched by productivity increases, and there is the consequent danger of recurring inflation...
...Spain, like other European na tions before it, has at least reached the takeoff point. The 8,344-mile national railway system is being overhauled at a cost of $1 billion. Unemployment has dropped from 8% in 1959 to 1.5%. About 400,000 men are working in neighboring nations, and the $193 million they sent home last year, along with tourist income, more than offset a chronic trade deficit...
...Entrepreneurs. Spain's economists, led by liberal Commerce Minister Alberto Ullastres, 50, intend to keep statistics climbing with a four-year development plan. Under it, production and expansion have been carefully timetabled: $15 billion in public and private investment will be added to Spain's economy, and the gross national product, now $13 billion, is expected to rise...
...emergence of Spain's technocrats has been matched by the appearance of a tough young breed of entrepreneurs. Best-known among them is Eduardo Barreiros, 44, a onetime mechanic who built the nation's biggest automotive company, recently sold 45% of it to Chrysler for $19 million. Onetime Bank Clerk Jose Maria Aristrain, 48, started a scrap-iron business as a sideline, was so successful that he opened foundries, now operates plants that turn out 60,000 tons of steel a year. At 43, Engineer Pedro Duran is the aggressive president of the country's principal ship...