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A Wolfram in Sheep's Clothing: Economic Warfare in Spain, 1940–1944

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  • Caruana, Leonard
  • Rockoff, Hugh

Abstract

During World War II the United States attempted to prevent Germany from acquiring wolfram (tungsten ore) in Spain by buying it in the open market. Preemptive buying forced the Germans to pay more for and to consume less tungsten, a material crucial for the production of machine tools and armor-piercing shells. The income provided an important incentive for Spain to remain neutral. The naval blockade and the relatively low elasticity of the supply of wolfram contributed to the success of the wolfram-buying campaign.

Suggested Citation

  • Caruana, Leonard & Rockoff, Hugh, 2003. "A Wolfram in Sheep's Clothing: Economic Warfare in Spain, 1940–1944," The Journal of Economic History, Cambridge University Press, vol. 63(1), pages 100-126, March.
    • Handle: RePEc:cup:jechis:v:63:y:2003:i:01:p:100-126_00
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    References listed on IDEAS

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    1. Maxim Engers & Jonathan Eaton, 1999. "Sanctions: Some Simple Analytics," American Economic Review, American Economic Association, vol. 89(2), pages 409-414, May.
    2. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 2009. "Economic Sanctions Reconsidered, 3rd Edition (paper)," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4129.
    3. Carreras, Albert, 1984. "La produccion industrial española, 1842–1981: construccion de un indice anual," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 2(1), pages 127-157, March.
    4. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 1990. "Economic Sanctions Reconsidered: 2nd Edition," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 82, January.
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    Cited by:

    1. Marcelo Paiva Abreu, 2014. "A ‘blank cheque'? Portuguese Second World War sterling balances, 1940–73," Economic History Review, Economic History Society, vol. 67(2), pages 535-555, May.
    2. Rosado Cubero, Ana, 2014. "Gilda: El coste de lanzar un guante a un oligopolista/Gilda: The Cost to Challenge a Cartel Member," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 32, pages 247-258, Enero.

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