Spain's Economic Transformation: The 1959 Stabilization Plan
The 1959 Stabilization Plan and Economic Modernization
The government that was formed in February 1957, largely composed of members of Opus Dei (technocrats), committed firmly to a clear liberalizing policy aimed at economic modernization. This led to the implementation of the Stabilization Plan. This Plan was published in 1959, facing opposition from the Falange and Franco’s own indebted sectors.
Implementation and Objectives
The Stabilization Plan consisted of a package of economic measures whose objective was to create healthy economic development and better integration into the world market. The International Monetary Fund granted a loan valued at U.S. $544 million dollars.
Through the Stabilization Plan, the government intended to liberalize...