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Patterns of International Investment in Spain, 1850–2005

Published online by Cambridge University Press:  14 April 2011

Núria Puig  and
Rafael Castro
Núria Puig
Affiliation:
Professor of economic and business history at the Universidad Complutense de Madrid
Rafael Castro
Affiliation:
PhD candidate at the Universidad Complutense de Madrid
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Abstract

International capital flows are strongly influenced by countryspecific patterns that can be best understood in historical and comparative perspective. A long-term empirical analysis of French and German investment in Spain reveals that the core capabilities of foreign fi rms and their relations with local partners have spurred the rise and development of two national models of international investment, characterized here as “political” and “technical.” The research identifies the main actors and the ownership advantages of the two models that have proved to be so resilient over time.

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Articles
Information
Business History Review , Volume 83 , Issue 3 , Autumn 2009 , pp. 505 - 537
Copyright
Copyright © The President and Fellows of Harvard College 2009

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40 Examples are the Urquijo, Hispano-Americano, Vizcaya, and Bilbao banks, which acquired a dominant position in banking, mining, and railways, and the Hispano-Colonial and Español de Crédito Banesto, originally French, which took control of Banca Arnús and reached an important position in the gas and electricity markets. In many cases, the takeover did not lead to major managerial changes.

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58 Sofindus was dismantled by agreement with the Allies in 1948. See Seidel, Carlos Collado, Angst vor dem “Vierten Reich”: Die alliierten und die Ausschaltung des deutschen Einflusses in Spanien 1944–1958 (Paderborn, 2001)Google Scholar.

59 Viñas, La Alemania nazi y el 18 de Julio; Pérez, Franquismo y Tercer Reich; Leitz, Christian, Economic Relations between Nazi Germany and Franco's Spain, 1936–1945 (Oxford, U.K., 1996)CrossRefGoogle Scholar; Aceña, Pablo Martín, Linares, Miguel Angel Martorell, Ruiz, Elena Martinez, and Castaño, Begoña et al. , Los movimientos de oro en España durante la Segunda Guerra Mundial (Madrid, 2001)Google Scholar.

60 Forty percent of German industrial machinery and chemicals in 1937–38 and 30–40 percent in 1941–44, and 30–40 percent of Spanish reported exports from 1941 to 1944, according to the UN's Economic Commission for Europe, Statistisches Jahrbuch des Deutschen Reiches.

61 Puig, Núria, Bayer, Cepsa, Puig, Repsol, Schering y La Seda: Constructores de la química española (Madrid, 2003)Google Scholar; and Puig, “Auslandsinvestitionen ohne Technologietransfer?”

62 NARA, Research Group 226/entry 19/box 203/record 13978; box 281/ 19029.

63 On the role of Birk, see DHK, minutes of the Board of Directors 1945–50; Bayer Archiv Leverkusen, Personalia; Unicolor, Historia de Unicolor (Barcelona, 1967).

64 Eventually, some posts were filled by people who were only half Jewish, like W. Hellman (AEG's director) and Fr. Marcuse (Siemens), who became targets of the Nazi Party's Aryanization policy. See BA, Auslandsorganisation der NSDAP (NS9), 103, Wirtschafts- und Handelsangelegenheiten 1934–1936.

65 Puig, Núria and Álvaro, Adoración, “¿Misión imposible? La expropiación de los bienes alemanes en España, 1945–1975,” Investigaciones de Historia Económica 7 (Spring 2007): 103–32;Google Scholar Delaunay, “La liquidation des avoirs allemands en Espagne”; Weber, Petra-Maria, Spanische Deutschlandpolitik, 1945–1958 (Saabrücken, 1992)Google Scholar; Seidel, Angst vor dem “Vierten Reich”; Díaz, Carlos Sanz, España y la República Federal de Alemania (1949–1966): Política, economía y emigración, entre la guerra fría y la disensión, (Madrid, 2006)Google Scholar.

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67 Puig and Álvaro, “¿Misión imposible?”

68 Puig, Núria and Torres, Eugenio, Banco Urquijo: Un banco con historia, 1918–2008 (Madrid, 2008), chs. 3, 4.Google Scholar

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70 Scheringianum B6-1074; Kobrak, Christopher, National Cultures and International Competition: The Experience of Schering AG, 1851–1950 (Cambridge, Mass., 2002), 320–21, 346Google Scholar.

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72 Archivo del Ministerio de Asuntos Exteriores [hereafter AMAE], R-4316/4, R-4209/7, R-7730, R-7737; Politisches Archiv des Auswärtiges Amts Berlin [hereafter AA], B26-180, B60-416.

73 DHK, minutes of the board of directors, 1949 onward.

74 Basically, Spain's defense of Germany's reunification in international forums and the FRG's support of Spain's membership in the European Economic Community; AA, B-26/388.

75 Solís managed to allocate a substantial part of Germany's technical assistance to his pet project of vocational training; AA, B60-801a.

76 DHK, minutes of the board of directors, 1960–1961; Puig and Torres, Banco Urquijo, ch. 4.

77 AA, B-26/180, 388, 453.

78 Defined as firms established in prewar Spain. Note that there was some participation by historical firms in some of the “new” firms.

79 Although German firms had to adapt to the Spanish legal framework for industrial relations, the companies we studied, such as Siemens, Bayer, and Schering, showed pride in implementing German methods and benefits.

80 Accumulated inward FDI between 1966 and 1977 was distributed as follows: United States (28 percent), Switzerland (13 percent), France (12 percent), Germany (12 percent), and the United Kingdom (6 percent). See Muñoz, Juan, Roldán, Santiago and Ángel Serrano, La internacionalización del capital en España (Madrid, 1978), 134Google Scholar.

81 Puig, Núria and Alvaro, Adoración, “La guerra fría y los empresarios españoles: La articulación de los intereses económicos de Estados Unidos en España, 1950–1975,” Revista de Historia Económica 22, no. 2 (2004): 387–424.Google Scholar

82 Sánchez, Esther M. Sánchez, “Redes empresariales francesas en la España franquista: El Conseil National du Patronat Français, 1946–1966,” Revista de Historia Industrial 36 (Spring 2007): 109–32;Google Scholar Cámara de Comercio de Madrid [hereafter CCM] Archives, CDU 380.151; Puig and Torres, Banco Urquijo, chs. 3, 4. Cooperation between these institutions was founded on strong personal ties.

83 Sánchez, Esther M., “La implantación industrial de Renault en España: Los orígenes de Fasa-Renault, 1950–1970,” Revista de Historia Económica 22, no. 1 (2004): 147–75.CrossRefGoogle Scholar

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85 Rodó, Laureano López, Memorias (Barcelona, 1971).Google Scholar

86 Sánchez, Esther M., Rumbo al Sur: Francia y la España del desarrollo, 1958–1969 (Madrid, 2006), 375–88.Google Scholar

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88 FBU, annual reports of Bankunion and Induban (1965).

89 Association pour l'Histoire de Paribas [hereafter AHP], dossiers de personnalités du group Paribas. AGA, MAE (10)97 54/11483.

90 Even though important differences at the regional level persist, as Catalonia is more restrictive than Madrid or Andalusia. See Lhermie, Christian, Carrefour ou l'invention de l'hypermarché (Paris, 2003)Google Scholar; Castro, Rafael, “Autopista hacia el cambio: Gran distribución francesa en España desde 1965,” I Jornadas de Historia Empresarial (Dec. 2008)Google Scholar.

91 FBU, annual reports of Unifiban (1965–66), Induban and Eurobanco (1965); Puig and Torres, Banco Urquijo, ch. 6.

92 AA B-26, Spanish files, particularly 36 and 41. Centre des Archives Économique et Financières (CAEF), B 10847 (Commerce extérieur, commande de matériel d'équipement et assistance technique à la France, 1948–90); AGA, MAE (10)97 54/11525.

93 Puig and Torres, Banco Urquijo, chs. 4, 5.

94 On the patronizing attitude of France, see d'Estaing, Valery Giscard, El poder y la vida (Madrid, 1988).Google Scholar The political dimension of this support is extremely important. It would later include French cooperation in combating the Basque terrorist group ETA (Euskadi Ta Askatasuna) and the strong support of the PSOE (Partido Socialista Obrero Español), which was in power from 1982 to 1996, by the SPD (Sozialdemokratishe Partei Deutschlands).

95 We are conducting research on the top fifty firms. This ranking shows greater diversification, but our general observations remain largely valid.

96 The Paribas group and French consulting groups, such as Consultora and Sofemasa, played a major role in the privatization of former state monopolies. AHP, Dossier sur privatisation en Espagne.

97 Castro, Rafael, “Sísifo en España: Doscientos años de banca francesa (c.1800–c.2000),” working paper DT 0802, Asociación Española de Historia Económica (Madrid, 2008).Google Scholar

98 French consulting firms arrived early in Spain, successfully competing with American firms. During the past twenty years, Spain has been the fastest-growing market for consulting services in the European Union. Consulting firms are the usual destinations for former politicians.

99 ECE and Registro de Inversiones Extranjeras.

100 We are also examining the top fifty German firms, which show an even greater influence of historical industrial firms.

101 Schröter, “Continuity and Change”; Schröter, Harm G., “The German Question, the Unification of Europe, and the European Market Strategies of Germany's Chemical and Electrical Industries, 1900–1992,” Business History Review 67 (Autumn 1993): 369–405Google Scholar.

102 Puig and Álvaro, “¿Misión imposible?”

103 The most prominent example is Francisco Belil, former CEO of Bayer España and currently president of Siemens España and DHK. The Belil family was Bayer's partner between 1926 and 1994.

104 ECE and RIE. German sources (Statistische Bundesanstalt and DHK) do not show marked differences.

105 Fomento de la Producción (1972), and the authors' own calculations.

106 Dun, Censo estadístico and , Bradstreet: Principales empresas españolas (Madrid, 2004)Google Scholar; Sistema de análisis de balances ibéricos (SABI) (Brussels, 2004)Google Scholar; Actualidad Económica (2004); and the authors' own calculations.

107 Fomento de la Producción (1972), and the authors' own calculations.

108 Censo estadístico Dun and Bradstreet (2004); Sistema de análisis de balances ibéricos (2004); Actualidad Económica (2004); and the authors' own calculations.