Between 1996 and 2004, Spain enjoyed the longest period of prosperity in its democratic history. Five million jobs, convergence of up to 98% with regard to the average EU income per capita, low inflation, a favourite destination for foreign investment, reduction of the public debt in terms of GDP, a budget surplus and creation of a Social Security Reserve Fund, are all results of a new economic model introduced by the Partido Popular.
The key aspects of this model are described in this book by Lorenzo Bernaldo de Quirós and Ricardo Martínez Rico. The foundations of this new economic model consisted of the following measures: restraints on public expenditure, reorientation of expenditure based on efficiency criteria, reductions in income tax and corporate tax rates, the elimination of certain forms of taxation, privatisation, liberalisation of the goods and services markets, promotion of competition, independent regulatory bodies, labour market reforms and more open economic links with abroad.
|TÍTULO:||The Spanish Economic Model 1996-2004: A Silent Revolution|