1 Calculation based on figures to be found in Paris Eguilaz, H., Renta National, inversión y consume en España, 1939–1959, Madrid, 1960, p. 35 Google Scholar, and id., Diez años de politica econóomica en España, 1939–1949, Madrid, 1949, pp. 44 and 56.

2 The turn around in Spain’s current account balance in 1974 was dramatic: the fall from a moderate credit position of +50 billion pesetas to a deficit of ‐250 billion pesetas was equivalent to 6 per cent of GNP. Recently, matters have looked better because a tourist revival and the economic depression have improved the reserves outlook: hence the strength of the peseta.

3 Ma is currency plus current, time, and savings deposits in the hands of the public. For the current aims of monetary policy and the clash of wills between the Bank and the Treasury, see chapter 3 of Banco‐de España, Informe anual, 1974.

4 Uriel, E., ‘La teoría de la información y la medición de la distributión de la renta: aplicación a la distributión provincial de la renta en España’, Anales de Economía, 07–09, 1974, p. 54 Google Scholar. Mr Uriel equates total equality with a state of’entropy (equal verisimilitude in an information system); and measures inequality in ‘nits’, more inequality being defined as more expected information of an indirect message.

5 Scitovsky, T., Welfare and Competition, London, 1971, chapter 8 passim, esp. p. 155.Google Scholar

6 An economy is Pareto efficient when it is not possible to better the position of any participant without worsening that of another. This does not mean that an efficient economy may not be unjust from an ethical point of view, of which more below.

7 Sen, A. K., Employment, Technology and Development, Oxford, 1975, p. 15 Google Scholar.

8 If the protected area is large enough, there may be a considerable amount of growth due to ‘economic’ efficiency, that is, to allocation of resources, to their more profitable uses, given their costs. Many protectionists would allow competition behind the tariff walls. For the purposes of exposition I am presenting the protectionist as if he were in charge of an Owenite paralelogram.

9 If transaction costs are zero, an efficient equilibrium position will be reached whatever the starting configuration of property rights. This configuration however will affect what happens to rents, depending on the path taken to reach equilibrium. Cf. Coase, R., ‘The Problem of Social Cost’, Journal of Law and Economics, vol. 17, 1954.Google Scholar Thus the situation after the repeal of the Corn Laws will be ‘better’ if we are indifferent to its effects on landlord rents, or if we approve of them.

10 The distinction between production and distribution was first presented by J. S. Mill, who used it to evaluate the viability of socialist economic systems. See Principles of Political Economy, Collected Works, vol. II, Toronto, 1964, Book II, Chapter i.

11 Cf. Carr, R., Spain, 1808–1939, Oxford, 1966, chs. x, 3; xiii; xiv, 2.Google Scholar

12 For the Primo de Rivera measures, see Velarde Fuertes, Juan, Política económica de la dictadura, 1922–1929, Madrid, 1968 Google Scholar. The eulogistic tone of this book will show how much of this ideology is still actual. Its author is a University professor of economics of Left‐wing Falangist convictions.

13 Cf. H. Paris Eguilaz, El Desarrollo económico español, 1906–1964, Chs. v and vi.

14 Law of 25 September 1941, Art. I.

15 The Secretary‐General of the Spanish Communist Party backed the Czechoslovak revisionists, thus incurring the wrath of Moscow. There was even an attempt by the Soviets to form a splinter orthodox party, but the plan was thwarted by Doleres Ibarrurri, La Pasionaria.

16 There are other explicitly social‐democratic groups but they do not have the importance of the PSOE (Partido Socialista Obrero Espazol)/UGT, whose economic ideology I am summarizing.

17 This is not to say that the anarchists are at present important as a party—they are almost non‐existent as an organization. However, the tradition is there, and the importance of trade unionism in Spain today makes anarcho‐syndicalism as influential as if there were a FAI (Federación Anarquista Internacional) in full working order.

18 About the role of the PSUC (Partit Socialista Unificat de Catalunya) see Carr, R., Spain, 1808–1939, Oxford, 1966 Google Scholar, Epilogue, 2.

19 Thomas, H., The Spanish Civil War, Spanish edition, París, 1967, ch. 22.Google Scholar

20 J. M. Bricall, Política económica de la Generalitat, 1936–1939, vol. I, Barcelona, 1970. pp. 190–2 and 239–43.

21 The ILO also recognizes from pre‐war days the STV (Solidaridad de Trabajadores Vascos).

22 Fernandez de la Mora, Gonzalo, (1924‐). Diplomat and writer. Was Minister of Public Works in 1970–73. Co‐founder of a political quarterly with the neo‐fascist leader Bias Piñar.

23 Cf. Banco de España, Informe anual; 1974, ch. III.

24 Ruiz Gimenez, Joaquin (1912‐), forced to resign as Minister of Education in 1956 as excessively liberal. A luminary of the Christian Democratic movement, he presided over Pax Romana and is at present chairman of the National Commission of Iustitia et Pax. In recent years his opinions have moved leftwards and he has now broken all previous ties with the Regime.

25 The Junta gathers, under the leadership of the Communist Party, politicians ranging from the Monarchist to the Maoist, united, they say, in their wish for democratic liberties. The draws its members from the historic Socialist Party and the Marxist branch of the Christian Democrats.

26 Fraga, Manuel (1922‐). University professor and diplomat. Minister of Information from 1962 to 1969, when he was responsible for a new more liberal press law; was not allowed to form a legal political association because of the democratic character of its programme.

27 FEDISA is a limited liability company established to serve as a meeting ground for a number of conservative groups and personalities. It has also expressly come out in favour of democratic liberties.