ABSTRACT
From the first days of the Spanish Civil War, both the Republican government and the military rebels faced huge economic problems. The Republic found itself with two advantages: Spain’s substantial gold reserves and the control of the principal industrial cities of the country. Both were, however, considerably vitiated by the hostility of international financial circles which obstructed the Republic’s foreign financial and commercial transactions. In contrast, the Nationalists, who seemed initially to be at a considerable disadvantage economically, enjoyed enormous goodwill among international financiers and found credit easier to obtain. In addition, they controlled much of Spain’s food-producing agriculture.
