Alberto Ullastres (15 January 1914 – 15 November 2001) was
Spain's minister of economy (1957-1965) and ambassador to the
European Economic Community
The European Economic Community (EEC) was a regional organization created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lisb ...
(1965-1976) under
General Franco. He pushed forward the so-called
Stabilization Plan
The Stabilization Plan of 1959 ( es, Plan de Estabilización de 1959) or the National Plan of Economic Stabilization () were a series of economic measures taken by the Spanish Government in 1959. Its main goal was the economic liberalization of ...
which brought about Spain's transition from economic autarchy to liberalization and internationalization of the national economy, an economic success which has been called the
Spanish miracle. Ullastres was part of the so-called "''Opusdeistas''" – ministers under Franco who were also members of the
Opus Dei
Opus Dei, formally known as the Prelature of the Holy Cross and Opus Dei ( la, Praelatura Sanctae Crucis et Operis Dei), is an institution of the Catholic Church whose members seek personal Christian holiness and strive to imbue their work an ...
organisation.
Life
He was born in
Madrid on 15 January 1914 and died in Madrid on 15 November 2001.
He studied
law and
commerce. He obtained a doctorate in law from the
University of Madrid. He was university professor (''
catedratico
Academic ranks in Spain are the titles, relative importance and authority of professors, researchers, and administrative personnel held in academia
An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution ...
'') for
political economy.
Economic studies and work
Because of the so-called
Spanish miracle, which has been attributed to him and the other Spanish technocrats, Ullastres has been counted among the "great economists". He studied the economic doctrines of the
School of Salamanca of the 16th and 17th centuries, especially the doctrine of
Juan de Mariana and of
Martín de Azpilcueta.
In an article "The Awakening Land", ''
Time'' magazine attributed Spain's economic modernization to him: "On a hot July day in 1959, Ullastres announced a sweeping stabilization plan. Credit was tightened, the budget slashed, the peseta devalued to a realistic 60 to the dollar. With the aid of a $400 million international loan, Ullastres threw open Spain's doors to imports necessary to rebuild its economy. And over the howls of government protectionists, he pushed through a series of measures to encourage foreign investors to enter Spain. The success of the stabilization plan was miraculous. By 1963 Spain had $1.1 billion in foreign reserves and a booming economy."
"The Awakening Land"
'' Time''. January 21, 1966. (archived fro
the original
June 22, 2008)
References
Opus Dei members
1914 births
2001 deaths
Spanish economists
{{Spain-politician-stub