Spain's 1973 Oil Crisis: Economic Impact and Industrial Shifts
Classified in Geography
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Crisis and Conversion in Spain
In 1973, Spain faced a significant economic crisis triggered by the global oil crisis. This crisis had profound effects on the Spanish economy, reflecting its peripheral position in the global market.
External Factors
- Emergence of semi-peripheral countries with cheaper labor, supported by states, primarily in Southeast Asia, leading to a New International Division of Labor.
- Continued technological innovation, replacing manual labor.
- Increase in oil prices, marking the onset of the crisis, as oil had previously been a cheap alternative to coal.
- Closure of traditional external labor markets, resulting in the expulsion of immigrants.
Internal Factors
- Rising labor costs due to an improved standard of living.
- Stagnation in