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• W3188904513 abstract "Since the transition to democracy, Spain has undergone a remarkable processof economic internationalisation involving the opening up of the economy toforeign competition and the simultaneous expansion of Spanish overseas tradeand investment. As a result, Spain now has one of the most open economiesin the world and one of the most dynamic multinational business sectors withtrade links and investments in the world’s most important markets in Europe,the United States, Latin America and Asia. Through the activities of firmsand banks such as Telefonica, Repsol YPP, Banco Santander, BBVA, Iberdrola, Inditex and Ferrovial, Spain has become a major net capital exporter.On a less positive note, Spain’s economic openness means it is more susceptiblethan ever to external shocks such as the global financial tsunami that followedthe collapse of Lehman Brothers in 2008 and has recourse to fewer policyinstruments with which to tackle economic crises.How then to explain this transformation? This chapter will argue thatthe answer lies in the combination of regulatory imperatives emerging frommembership of important international organisations such as the Organisationfor Economic Cooperation and Development (OECD) and the EuropeanUnion (EU) and internal pressure emanating from powerful interests in thedomestic economy. Although these factors have been in play since the late1950s, this chapter will limit its focus to the period following the transition todemocracy in the mid 1970s. Starting with Adolfo Suarez’s Union of theDemocratic Centre (UCD) government from 1977-82 and ending withSocialist Party rule under Jose Luis Rodriguez Zapatero between 2004 and2011, it will identify the treaty obligations derived from Spanish membershipof supranational organisations that have done so much to open up the Spanishmarkets to foreign competition. It will also look at the policy instrumentsdeveloped by Spanish governments, often at the behest of Spanish business, tosupport their internationalisation agenda. One of the most important of these,it will argue, has been the Development Aid Fund (FAD), which is includedin calculations of Spanish Overseas Development Assistance (ODA). ODAtied to the purchase of Spanish goods and services has played a central role inattempts to boost Spanish exports to the developing world. The FAD hasbeen accompanied by a myriad of other economic instruments and politicalinitiatives, all designed to help Spanish businesses survive in an increasinglyglobalised economy characterised by intense competition, rapid economicchange and political uncertainty. As will be seen in this chapter, the useof neo-mercantilist policy instruments has brought Spanish governmentsinto conflict with a range of actors including the OECD’s DevelopmentAssistance Committee (DAC) and the European Commission, members ofthe European Parliament and sections of domestic civil society such as theSpanish international development lobby." @default.
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• W3188904513 date "2014-08-07" @default.
• W3188904513 modified "2023-09-23" @default.
• W3188904513 title "The internationalisation of the Spanish economy" @default.
• W3188904513 doi "https://doi.org/10.4324/9781315756790-9" @default.
• W3188904513 hasPublicationYear "2014" @default.
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