El “milagro” español y la IED norteamericana: una nueva interpretación/The Spanish miracle and the American FDI: a new interpretation

In the paper, we reconstructed the path followed in Spain by foreign economic players through the period 1936-1959. The former one was of Muñoz, Roldán and Serrano in 1978. Today are several other studies, because the topic is crucial for any country. We analyze the new legal “arrangement” and the final leadership of U.S. U.S. data shows good evidence and therefore a very good proof of the great impact of FDI in the Spanish economy during this period. We challenge the conventional wisdom on the scarcity of foreign investment in Spain between 1936 to 1959. That was so because two main reasons, the necessity and on the other, the network of investments before 1936 that made it possible.