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Autarkic policy and efficiency in the Spanish industrial sector. An estimate of domestic resource cost in 1958

Martínez Ruiz, Elena (2003) Autarkic policy and efficiency in the Spanish industrial sector. An estimate of domestic resource cost in 1958. Economic History Working Papers, 77/03. Department of Economic History, London School of Economics and Political Science, London, UK.

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Abstract

The impact that the francoist autarkic economic policy had on the Spanish economy is assessed using the Domestic Resource Cost (DRC) as an indicator. This indicator compares the real opportunity cost of the primary factors used in the production of a certain good with its aggregated value at international prices. Since the DRC provides a ranking of sectors classified according their relative efficiency, it can be interpreted as an indicator of comparative advantage. Our results indicate that the inefficient allocation of productive factors induced by the interventionist economic policy resulted in a significant loss of efficiency for the economy, such that only 50 out of 125 industries, accounting for 39 percent of the Spanish industrial production, could be considered efficient. However, the paper also shows that the Spanish economy was in a good position to take advantage of the opportunities created by the 1959 reform, as the lion’s share of industrial production was on the verge of relative efficiency.

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/economicHistory/workingPaper...
Additional Information: © 2003 The Author
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
D History General and Old World > DP Spain
H Social Sciences > HG Finance
D History General and Old World > D History (General) > D204 Modern History
H Social Sciences > HD Industries. Land use. Labor > HD2329 Industrialization
D History General and Old World > D History (General) > D839 Post-war History, 1945 on
Sets: Departments > Economic History
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 77/03
Date Deposited: 04 Feb 2009 15:58
URL: http://eprints.lse.ac.uk/22352/

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