Skip to main content Accessibility help

Patterns of International Investment in Spain, 1850–2005

  • Núria Puig (a1) and Rafael Castro (a2)

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.

Hide All

1 Hymer, Stephen, The International Operations of National Firms: A Study of Direct Investment (Cambridge, Mass., 1960).

2 Buckley, Peter J. and Casson, Mark, The Future of the Multinational Enterprise (London, 1976); Dunning, John H., Explaining International Production (London, 1988); The Eclectic Paradigm as an Envelope for Economic and Business Theories of the MNE,” International Business Review 9 (2000): 163–90;Vernon, Richard, “International Investment and International Trade in the Product Cycle,” Quarterly Journal of Economics 80 (1966): 190207;Williamson, Oliver, The Economic Institutions of Capitalism (New York, 1985); Wernerfelt, Birger, “A Resource-based View of the Firm,” Strategic Management Journal 5, no. 2 (1984): 171–80.

3 Nelson, Richard and Winter, Sidney, An Evolutionary Theory of Economic Change (Cambridge, Mass., 1984); Dosi, Giovanni and Freeman, Christopher, eds., Technical Change and Economic Theory (London, 1988).

4 Johanson, Jan and Vahlne, Jan-Erik, “The Internationalization Process of the Firm: A Model of Knowledge Development and Increasing Foreign Market Commitments,” Journal of International Business Studies 8, no. 1 (1977): 2332.

5 Guillén, Mauro F., The Limits of Convergence: Globalization and Organizational Change in Argentina, South Korea, and Spain (Princeton, 2001).

6 Wilkins, Mira, The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914 (Cambridge, Mass., 1970); Business History Review (special issue on the multinational enterprise) 48 (Autumn 1974); Jones, Geoffrey and Hertner, Peter, eds., Multinationals: Theory and History (Aldershot, 1986);Jones, Geoffrey, Multinationals and Global Capitalism: From the Nineteenth to the Twenty-First Century (Oxford, U.K., 2005); Jones, Geoffrey and Khanna, Tarun, “Bringing History (Back) into International Business,” Journal of International Business Studies 37, no. 4 (2006): 453–68.

7 Broder, Albert, “Les investissements français en Espagne au XIX siècle: Essai de quantification,” Revue d'Histoire économique et sociale 54, no. 1 (1976): 2963.

8 Cameron, Rondo, France and the Economic Development of Europe, 1800–1914 (Princeton, 1961); O'Rourke, Kevin H. and Williamson, Jeffrey G., Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy (Cambridge, Mass., 2000); Smith, Michael, “Putting France in the Chandlerian Framework: France's 100 Largest Industrial Firms in 1913,” Business History Review 72 (Spring 1998): 4685.

9 , Broder, “Les investissements français en Espagne au XIX siècle”; Cameron, France and the Economic Development of Europe, 98.

10 The main activity of this bank, controlled by French shareholders, was to issue public debt and state bonds. See Casares, Teresa Tortella, Índice de los Primitivos Accionistas del Banco Nacional de San Carlos (Madrid, 1986). On French soft power, see Zylberberg, Michel, Une si douce domination: Les milieux d'affaires français et l'Espagne vers 1780–1808 (Paris, 1993).

11 Play, M. F. Le, Observations sur l'histoire naturelle et sur la richesse minérale de l'Espagne (Paris, 1834).

12 Lorca, Pedro Tedde de, El Banco de San Carlos (1782–1829) (Madrid, 1988); Ansart, Pierre, Saint-Simon (Paris, 1969); andGerschenkron, Alexander, Economic Backwardness in Historical Perspective (Cambridge, Mass., 1962).

13 See , Cameron, France and the Economic Development of Europe, 204320.

14 Comín, Francisco, Hacienda y Economía en la España Contemporánea (1800–1936) (Madrid, 1988).

15 Bussière, Éric, Paribas et le Monde, 120;Bouvier, Jean, Le Crédit Lyonnais de 1863 á 1882: Les années de formation d'une banque de dépôt (Paris, 1961). Paribas, the outcome of a merger of the Banque de Paris and the Banque de Crédit et de Dépôt des Pays-Bas in 1872, never had an agency in Spain, while the Crédit Lyonnais set up its first Spanish subsidiary in 1874.

16 Campí, Teresa Costa, Financiación exterior del capitalismo español en el siglo XIX (Barcelona, 1983); Comín, Francisco and Aceña, Pablo Martín, Tabacalera y el estanco de tabaco en España, 1636–1998 (Alicante, 1991); Ortúñez, Pedro P., “Propiedad y control de las compañías ferroviarias españolas: El caso de MZA, 1913–1941,” in Railway Management and Its Organisational Structure: Its Impact on and Diffusion into the General Economy, ed. Núñez, Clara Eugenia (Seville, 1998); , Miguel-ÁngelMorell, López, La Casa Rothschild en España (Madrid, 2005).

17 In particular, the railways, banking, and mining laws of 1855–56. Broder, Albert, “Le rôle des intérêts étrangers dans la croissance économique de l'Espagne, 1815-1913: Etatentreprise et histoire,” PhD diss., Lille, 1981; Tortella, Gabriel, Los orígenes del capitalismo en España: Banca, industria y ferrocarriles en el siglo XIX (Madrid, 1973); Nadal, Jordi, El fracaso de la revolución industrial en España, 1814–1913 (Esplugues de Llobregat, 1975); Otazu, Alfonso de, Los Rothschild y sus socios españoles, 1820–1850 (Madrid,1987).

18 Morell, López, La Casa Rothschild en España, 199; Lacomba, Juan Antonio and Ruiz, Gumersindo, Una Historia del Banco Hipotecario de España (1872–1986), (Madrid, 1990); , Bussière, Paribas et le Monde, 25.

19 Carreras, Albert and Tafunell, Xavier, “Spain: Big Manufacturing Firms between State and Market, 1917–1990,” in Big Business and the Wealth of Nations, ed. Chandler, Alfred D. Jr., Amatori, Franco, and Hikino, Takashi (Cambridge, Mass., 1997).

20 Torres, Eugenio, ed., Cien empresarios españoles del siglo XX (Madrid, 2000); Cabana, Fran-cesc, “Amadeu Cros i Nubiola (1832–1916),” in Cien empresarios, ed. Torres, , 2427.

21 Ortúñez, “Propiedad y control de las compañías ferroviarias españolas; López Morell, La Casa Rothschild en España.

22 Barcelona, Cámara de Comercio de, Cámara de comercio e industria Francesa de Barcelona: 125 años (Barcelona, 2008).

23 Estadísticas del Comercio Exterior de España [hereafter ECEE] (Madrid, 18562005).

24 Hertner, Peter, “German Multinational Enterprise before 1914: Some Case Studies,” in Multinationals, ed. Jones, and Hertner, , 113–34;Schröter, Harm G., “Continuity and Change: German Multinationals since 1850,” in The Rise of Multinationals in Continental Europe, ed. Jones, Geoffrey and Schröter, Harm G. (Aldershot, 1993), 2848.

25 Javier Loscertales, Deutsche Investitionen in Spanien, 1870–1920 (Stuttgart, 2002).

26 Gwinner, Arthur, “La política comercial de España en los últimos decenios,” in Textos Olvidados, ed. Estapé, Fabian (Madrid, 1973), 253333;Gwinner, Arthur, Lebenserinnerungen (Frankfurt, 1992). The Madrileña de Electricidad has been studied by AubanellJubany, Anna M., “La Industria eléctrica y la electrificación en Madrid entre 1890 y 1935,” PhD diss., European University Institute, 2001.

27 We have found scattered information about this relationship in Arxiu Francesc Cambó, AEG files; Bundesarchiv Berlin [hereafter BA], R/901; and Historisches Archiv des Deutschen Technikmuseums, AEG-Telefunken Bestand, AEG-Spanien files. On Barcelona's electrification, see Doria, Marco and Hertner, Peter, “Urban Growth and the Creation of Integrated Electricity Systems: The Cases of Genoa and Barcelona, 1894–1914,” in Urban Growth on Two Continents, ed. Giuntini, Andrea, Hertner, Peter and Nuñez, Gregorio, et al. (Granada, 2004), 219–48.

28 Our research on the Deutsche Handelskammer für Spanien [hereafter DHK Archives], now in Madrid, is based upon the minutes of its board-of-directors meetings, as well as its annual reports and monthly bulletins. See also the special issue of DHK Jahrbuch, “75 Jahre 1917–1992” (1992): 40–58.

29 Fondo Histórico del Banco Urquijo [hereafter FBU], Siemens España, annual records (1910); Loscertales, Deutsche Investitionen in Spanien.

30 Puig, Núria and Loscertales, Javier, “Las estrategias de crecimiento de la industria química alemana en España, 1880–1936: Exportación e inversión directa,” Revista de Historia Económica 19, no. 2 (2001): 345–82;Puig, Núria, “El crecimiento asistido de la industria química en España: Fabricación Nacional de Colorantes y Explosivos (1922–1965),” Revista de Historia Industrial 15 (1999): 105136.

31 German statistics also reveal that Spain was only a secondary market for German exports, accounting for less than 5 percent of its total exports.

32 Delaunay, Jean-Marc, “La liquidation des avoirs allemands en Espagne (1945–1961),” in España, Francia y la Comunidad Europea (Madrid, 1989), 219–37.

33 On the organization of German chemical firms in Spain, see Puig, Núria, “Auslandsinvestitionen ohne Technologietransfer? Die deutsche Chemieindustrie in Spanien (1897–1965),” in Technologietransfer aus der deutschen Chemieindustrie, c.1920-c.1960, ed. Petri, Rolf (Berlin, 2004), 291322; FBU, Siemens and AEG, annual records.

34 Broder, Le rôle des intérêts étrangers dans la croissance économique de l'Espagne, 1815–1913; Levy-Leboyer, Maurice, “The Large Corporation in Modern France,” in Chandler, Alfred D. Jr., and Daems, Herman, eds., Managerial Hierarchies (Cambridge, Mass., 1980), 154; Fridenson, Patrick, “France: The Relatively Slow Development of Big Business in the Twentieth Century,” in Big Business and the Wealth of Nations, 207–45.

35 Smith, Michael S., The Emergence of Modern Business in France, 1800–1930 (Cambridge, Mass., 2006).

36 Castro, Rafael, “El agotamiento de un modelo de inversión internacional: El capital francés en la España de entreguerras,” master's thesis, Madrid, 2005; andCastro, Rafael, “Historia de una reconversión silenciosa: El capital francés hasta la Guerra Civil, c.1800– 1936,” Revista de Historia Industrial 33 (2007): 81118.

37 Tascón, Julio, “Capital internacional antes de la internacionalización del capital,” in Los empresarios de Franco: Política y economía en España, 1936–1957, ed. Recio, Glicerio Sánchez and Tascón, Julio (Barcelona, 2003), 284.

38 Ruiz, José Luis García, “Nacionalizando el capital bancario: Banesto y Paribas, 1902–1927,” Investigaciones en Historia Económica 9 (Winter 2007): 79108;Bussière, Eric, Paribas: l'Europe et le monde: 1872–1992 (Antwerp, 1992).

39 , Cameron, France and the Economic Development of Europe, 47; Heywood, Colin, The Development of the French Economy, 1750–1914 (New York, 1995).

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.

41 On French banking and insurers in interwar Spain, see Martín, José Víctor Arroyo, Actividad de la banca extranjera entre 1920 y 1935 (Bilbao, 1999); andPons, Jerònia, Las estrategias de crecimiento de las compañías de seguros en España (1900–1940) (Madrid, 2002).

42 López Morell, La Casa Rothschild en España.

43 FBU, Renault annual reports (1925–33). For Citröen and Peugeot, see Anuario financiero y de sociedades anónimas de España (Madrid, 19171932).

44 FBU, Sociedad Española del Oxígeno, annual reports (1909–36); Sociedad Española de Fibras Artificiales, annual report (1922–36); Michelin (1931–36). On Michelin, see Broder, Albert, “Le commerce France-Espagne nationaliste pendant la guerre civile,” in Españoles y Franceses en la Primera Mitad del Siglo XX(Madrid, 1986), 345–57.

45 Gónzalez, José María, La industria de explosivos en España: La Unión Española de Explosivos, 1896, 1936 (Madrid, 2000).

46 FBU, SICE annual reports (1923–36).

47 French chamber of commerce in Madrid Archives [hereafter FCCMA], Bulletin, 1919– 36; Daniel Camurat (SICE) and Jean Resnier (Michelin) became president and vice president, respectively, in 1931.

48 FBU, SICE annual report (1931); and FBU, Potasas Ibéricas annual report (1932); Schröter, Harm G., “Cartels as a Form of Concentration in Industry: The Example of the International Dyestuffs Cartel from 1927 to 1939,” in German Yearbook on Business History 1988 (Berlin, 1990), 113–44;Schröter, Harm G., “Cartelization and Decartelization in Europe, 1870–1995: Rise and Decline of an Economic Institution,” Journal of European Economic History 25, no. 1 (1996): 129–54;Fear, Jeffrey, Cartel and Competition: Not Market, nor Hierarchies, Harvard Business School working paper no. 07–011, 2007; Fear, Jeffrey, “Cartel,” in The Oxford Handbook of Business History, ed. Jones, Geoffrey and Zeitlin, Jonathan (Oxford, 1992); Kudo, Akira and Hara, Terushi, eds., International Cartels in Business History (Tokyo, 1992).

49 FCCM, for instance, constantly encouraged its members to improve their commercial skills and adapt to the new market's demands, as German and American manufacturers had done. See FCCMA, Bulletin no. 286 (1925): 22; and Bulletin no. 320 (1929): 31–36.

50 Aceña, Pablo Martín and Ruiz, Elena Martínez, eds., La economía de la Guerra Civil (Madrid, 2006).

51 Our research reveals more than thirty French offers in less than two years. Archivo General de la Administración Alcalá de Henares [hereafter AGA], Ministerio de Asuntos Exteriores [hereafter MAE], (10) 96 54/11256, and AGA, MAE (10) 96 54/11052. Broder identifies the Michelin offer in the Basque country, in Broder, “Le commerce France-Espagne nationaliste pendant la guerre civile.”

52 AGA, MAE (10) 99 54/51.601-602, box 3.

53 Dulphy, Anne, La politique de la France à l'égard de l'Espagne de 1945 à 1955: Entre idéologie et réalisme (Paris, 2002), 1222.

54 This was manifested in the control of foreign trade, the development of an autonomous production base in Spain, and the accumulation of war debts. See Viñas, Ángel, La Alemania nazi y el 18 de Julio (Madrid, 1977); Franco, Viñas, Hitler y el estallido de la guerra civil: Antecedentes y consecuencias (Madrid, 2001); Pérez, Rafael García, Franquismo y Tercer Reich: Las relaciones económicas hispano-alemanas durante la Segunda Guerra Mundial(Madrid, 1994).

55 , Viñas, Franco, Hitler y el estallido de la guerra civil, 308–12.

56 Puig, Núria, “Federico, José, Francisco y Enrique Lipperheide Henke,” in Cien empresarios vascos (Madrid, forthcoming).

57 National Archives and Records Administration, Washington [hereafter NARA], Research Group 226/entry 19/box 3/folder 16/record 165726.

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 19441958 (Paderborn, 2001).

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); 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).

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); 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; Delaunay, “La liquidation des avoirs allemands en Espagne”; Weber, Petra-Maria, Spanische Deutschlandpolitik, 1945–1958 (Saabrücken, 1992); 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).

66 Seidel, Angst vor dem “Vierten Reich”; Aceña, Los movimientos de oro.

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.

69 FBU, Siemens annual records (1950–58).

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

71 Puig, Bayer, Cepsa, Puig, Repsol, Schering y La Seda; and “Auslandsinvestitionen ohne Technologietransfer?”; Puig and Álvaro, “¿Misión imposible?”

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), 134.

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): 387424.

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; 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.

84 Ministère des Finances, Centre des Archives Économiques et Financières, B-65225. Archivo Histórico del Instituto Nacional de Industria, Archivo Suanzes, personal correspondence.

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

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

87 , Sánchez, Rumbo al Sur, 303–11, 323–33.

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); Castro, Rafael, “Autopista hacia el cambio: Gran distribución francesa en España desde 1965,” I Jornadas de Historia Empresarial (Dec. 2008).

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). 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).

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): 369405.

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); Sistema de análisis de balances ibéricos (SABI) (Brussels, 2004); 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.

Recommend this journal

Email your librarian or administrator to recommend adding this journal to your organisation's collection.

Business History Review
  • ISSN: 0007-6805
  • EISSN: 2044-768X
  • URL: /core/journals/business-history-review
Please enter your name
Please enter a valid email address
Who would you like to send this to? *


Full text views

Total number of HTML views: 0
Total number of PDF views: 0 *
Loading metrics...

Abstract views

Total abstract views: 0 *
Loading metrics...

* Views captured on Cambridge Core between <date>. This data will be updated every 24 hours.

Usage data cannot currently be displayed