The problems connected with the economic life of a country become more pronounced in those such as Spain which are engaged in an accelerated process of development and expansion. Cyclical problems assume an exceptional importance in such cases. Hence the efforts of the economic policy adopted to achieve the principal aims of Spain’s development programme are centred around cyclical problems, this being the only means by which balanced and uninterrupted development can be obtained, owing to the understanding this approach furnishes regarding the structural and institutional changes brought about by the process of development. In fact the cyclical change which occurs in its full force in countries which initiate economic development programmes is nothing else but a periodical manifestation of the economic structure of such countries, its evolution and the institutional changes taking place, and an understanding of it is not only necessary but fundamental for the planning and preparation of the programme to be followed, since the cyclical position causes modifications in the plan adopted while the plan must in its turn act on the economic situation in order to bring it under control and into line with the objectives of the policy laid down.
KeywordsLocal Authority Local Council State Subsidy Credit Policy Provincial Authority
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