Spain’s Economic System By: Ashley, Rachael, Shellie, and Shelly

Quick Facts Spain has the 8 th largest economy in the world Spain has the 5 th largest economy in Europe

What Kind of Economic System Does Spain Have?

A Mixed Economy!!!

Why Does Spain Have a Mixed Economy?

Spain exports many goods that contribute to trade in order to show its mixed economy. Spain exports machinery, motor vehicles, fruit, wine, other food products, and pharmaceuticals. Spain trades the most with France, Germany, Italy, and Great Britain. If Spain would not have a mixed economy, it would not be able to trade with these countries. Spain is a mainly agricultural land. Many people farm a large amount of crops. The most efficient way for farmers to sell their goods is to take advantage of Spain’s mixed economy. Spain produces wheat, barley, vegetables, tomatoes, olives, sugar beets, citrus fruit, grapes, and cork. They trade their goods at market places and also to other countries. Spain’s GDP or gross domestic product per capita basis is 80% that of the four leading Western European economies. Its government launched the European single currency on January 1, This was a big achievement that was credited to the mixed economy. Spain’s unemployment has been falling as a rate to the more jobs that are being supplied. This goes to show how the government is involved with Spain’s economy.

What Historical Events Have Affected Spain’s economy?

Spain became a part of the Roman Empire in 1100 BC After the Punic wars between Rome and Carthage, the Romans took over the Iberian peninsula. After six centuries the Roman Empire fell. Following the Romans, the Visigoths took over by the end of the sixth century. In the beginning of the eighth century, the Arabs had conquered the country. During the time of Muslim Spain, there were three periods: the Emirate (711 to 756), the Caliphate ( , and the Reinos de Taifas (small independent kingdoms) ( ). In 1469, Ferdinand of Aragon and Isabella of Castile were married and planned to combine their kingdoms, which started the growth of Spain. Under the rule of Francisco Franco, Spain gained a victory coming out of the Spanish Civil War. Franco became the dictator of Spain and his ruling was considered the law. After his death, Prince Juan Carlos restored Spain’s monarchy. During the sixteenth and seventeenth centuries, the Spanish Empire held the world’s power.

What Products/Industries Does the Country Specialize In?

A major product in Spain is wine. It has always been a popular item to get from Spain, and still remains so today. Another popular product from Spain is olive oil. There are many olive oil industries that can be seen in several villages in Spain. Another specialized product of Spain is leather. Many leather items can be found in Spain such as purses, clothing, and furniture. In addition, Spain is very well known for their linen and lace. Spain has many electric car industries and would like to have 1 million cars manufactured by Tourism is a major industry in Spain. Today, tourism may be the most popular industry in Spain. Catalonia, Spain has the most engineering industries. In Barcelona, the chemical industry is growing very quickly.

What Impact Does Spain have Economically on the Rest of the World?

In the past, in order to become more involved in globalization, Spain began investing in numerous companies in countries all around the world. Spain wanted to become more “well-known” as a country. Therefore, through Madrid’s stock market, Spain experimented in investing in countries of different prosperity. Spain has become a country of tourism, offering many different, popular tourists attractions to the rest of the world. Tourism, which is very popular in Spain, is a good way to balance the world’s economy. It allows for people of more wealthy countries to spend money on tourism in more deprived countries. However, because of high levels of tourism, an increased amount of natural resources, raw materials, energy, and territory are being used. As a result, factors of production are being taken away from other countries because of the large amount of area needed to supply such high demands of tourism.

Works Cited “Impacts of Tourism: Touristic Development. Environmental Cost. Sustainable Tourism.” starMedia Feb “Shopping in Spain.” Ideal Spain.com Feb "Spain." The Columbia Encyclopedia, Sixth Edition Encyclopedia.com. 18 Feb “Spain Economy 2001.” CIA WORLD FACTBOOK Feb “Spain is Different When it Comes to Adding Values Through Overseas Investments.” 8 Feb Feb < english&id=1105>. Trueman, Chris. “General Francisco Franco.” History Learning Site Feb “Typical Products of Spain.” Tour Spain. 17 Feb