Chris Henderson (592664943) ECONOMIC MODERNIZATION OF SPAIN As a tourist, traveling to the luscious land of Spain, it is safe to say that one would not take interest in its ever fluctuating economy. One would be too taken with their surroundings, drinking in the glorious glow that is Basque country. Cushioned between mysterious Portugal and the romantic history of France, surrounded by beautiful beaches and breathtaking mountaintops, Spain gives off an air of superiority, a land of pride and privilege. But beyond its appearance lies a struggling country, a place where pesetas (the common currency in Spain) are sometimes scarce, and where the government struggles to keep financial hold. A countryman's country due to its agrarian culture, Spain has taken great strides to help their people, using their money to create toll-free highways, deflating the public deficit, fighting for worker's rights, including wage increases. Still, Spain's flailing capitalist economy is far behind the leading West European countries' economies. Although in the past decade it has made incredible strides toward progressing into the next millennium, Spain has its work cut out for them in the near future in order to contend with the other West European economies. Although the inflation rate is low, interests rates are low, and the government has continued to advocate liberalization, privatization, and deregulation of the economy while introducing new tax reforms, Spain has a 20% unemployment rate that ranks highest in the EU. Spain’s mixed capitalist economy will be posed with difficult challenges in the next few years with monetary and other economic policies, and will need a stable government to become more competitive with an integrated Europe. However, Spain has made a great deal of progress, considering its wavering economic past. HISTORYWorld War II was the beginning of the distance between Spain and the rest of the European nations. Due to th...
