ECONOMIC SYSTEM OF SPAIN


General Characteristics of Agriculture, Industrial, and Information Age Economic Systems

Feudal economic systems and earlier ancient empire economic systems based on slavery

  • Industrial Age:
  • Rise of capitalist economic systems and then socialist economic systems (as a critque of capitalism)

  • Information Age:
  • Both capitalist and socialist economic systems are being greatly restructured as they become part of a global economy; no pure systems, hybrids instead, though also privatization trends world wide--including in former socialist countries.

    Information/Data on Economic System of Spain

    Although Spain was traditionally one of the poorest countries in Western Europe, conditions improved substantially after it joined the European Union in 1986. Spain's Human Development Index (0.888) ranks it 23rd out of 173 nations. Real gross national product per capita is $12,670, which has more than doubled in the last generation. These figures indicate that economic opportunities are now available to the bulk of the population. Most people earn a decent income. Unemployment (about 20 percent), however, represents a major problem for the economy. Still, inflation is low and growth is stable. Spain's modern economic institutions are well suited to European integration. Agricultural products include grains, citrus and other fruits, vegetables, and wine grapes. The country exports some food as well as live animals. Spain is a world leader in the production of wine. Tourism is increasingly important to economic development, especially in the coastal regions. Tourists enjoy visiting Spain for its climate, and it is a popular destination for many other Europeans. The currency in Spain is the peseta (Pta).

    Conclusions

    Spain's economic system has reached the Information Age.
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