The Marshall Plan and the Spanish Postwar Economy: A Welfare Loss Analysis

  title={The Marshall Plan and the Spanish Postwar Economy: A Welfare Loss Analysis},
  author={Jos{\'e} A. Carrasco-Gallego},
  journal={International Trade eJournal},
This article uses historical fact as a natural experiment to measure a country's welfare loss from shifting from an allowed to a restricted trade situation, based on international trade theory. A welfare loss of 8 per cent of GDP is found. The evolution of domestic import and export prices in Spain in 1940–58 fits international trade theory assumptions. The main years of autarky are not those commonly considered, but 1947–55, marked by the exclusion of Spain from the Marshall Plan and the… 

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