Spain - Europe's Rising Star
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Case Code: ECOA103 Case Length: 12 Pages Period: 2003 Pub Date: 2003 Teaching Note: Not Available |
Price: Rs.300 Organization : - Industry : - Countries : Spain, Europe Themes: - |
Abstract Case Intro 1 Excerpts
In three decades, a rather poor, rather closed country, its business and political enterprise alike tied down by an outdated philosophy, has become a middling rich one. Minds and markets have opened. This has generated money and money is an astounding agent of change. If Spanish society today looks much like one other in Western Europe, that is not just because fascism went away. It is because money arrived.
- The Economist, 23rd November 2000.
Introduction
Spain, the second largest country in the European Union (EU) after France was also the second most popular tourist destination in the world. For a major part of the 20th century, Spain had been one of the poorer countries in Western Europe. But by the late 1990s, it had rapidly emerged as an industrial powerhouse. Spain's economic reforms started hesitantly and accelerated when the country became a member of the European Economic Community (EEC) in 1986. Prime Minister Jose Maria Aznar's government, which came to power in March 1996, maintained the tempo of reforms. It reduced government spending significantly and emphasized privatization. Stakes in Telefonica (Telecom), Endesa (Energy), Argentaria (Banking) and Repsol (Energy) were divested. Laws were amended to make the labor markets more flexible...
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