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The Sources of Long-Run Growth in Spain, 1850-2000

Published online by Cambridge University Press:  01 December 2009

Leandro Prados de la Escosura  and
Joan R. Rosés
Leandro Prados de la Escosura*
Affiliation:
Professor, Universidad Carlos III - Economic History and Institutions Calle Madrid 126 and Researchers, Instituto Figuerola, Universidad Carlos III, Getafe (Madrid) 28903 Spain. E-mail: leandro.prados.delaescosura@uc3m.es.
Joan R. Rosés*
Affiliation:
Associate Professor, Universidad Carlos III - Economic History and Institutions Calle Madrid 126 and Researchers, Instituto Figuerola, Universidad Carlos III, Getafe (Madrid) 28903 Spain. E-mail: jroses@clio.uc3m.es.
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Abstract

Between 1850 and 2000 Spain's real output and labor productivity grew at average rates of 2.5 and 2.1 percent. The sources of this long-run growth are investigated here for the first time. Broad capital accumulation and efficiency gains appear as complementary in Spain's long-term growth. Factor accumulation dominated long-run growth up to 1950, while total factor productivity (TFP) led thereafter and, especially, during periods of growth acceleration. The main spurts in TFP and capital coincide with the impact of the railroads (1850s-1880), the electrification (the 1920s and 1950s), and to the adoption of new vintage technology during the Golden Age.

Type
ARTICLES
Information
The Journal of Economic History , Volume 69 , Issue 4 , December 2009 , pp. 1063 - 1091
Copyright
Copyright © The Economic History Association 2009

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