Real wages are wages adjusted for inflation, or, wages in terms of the amount of goods and services that can be bought. This term is used in contrast to unadjusted wages; because it has been adjusted to account for changes in the prices of goods and services, real wages provide a clearer representation of an individual's wages in terms of what they can afford to buy with those wages – in terms of the amount of goods and services that can be bought. However, real wages suffer the disadvantage of not being well defined, since the amount of inflation is itself not well defined. Hence real wage defined as the total amount of goods and services that can be bought with a wage, is not defined; this is because changes in the relative prices. Despite difficulty in defining one value for the real wage, in some cases a real wage can be said to have unequivocally increased; this is true if: After the change, the worker can now afford any bundle of goods and services that he could just afford before the change, still have money left over.
In such a situation, real wage increases no matter. Inflation could be calculated based on any good or service or combination thereof, real wage has still increased; this of course leaves many scenarios where real wage increasing, decreasing or staying the same depends upon how inflation is calculated. These are the scenarios where the worker can buy some of the bundles that he could just afford before and still have money left, but at the same time he cannot afford some of the bundles that he could before; this happens. The use of adjusted figures is used in undertaking some forms of economic analysis. For example, to report on the relative economic successes of two nations, real wage figures are more useful than nominal figures; the importance of considering real wages appears when looking at the history of a single country. If only nominal wages are considered, the conclusion has to be that people used to be poorer than today. However, the cost of living was much lower. To have an accurate view of a nation's wealth in any given year, inflation has to be taken into account and real wages must be used as one measuring stick.
An alternative is to look at how much time it took to earn enough money to buy various items in the past, one version of the definition of real wages as the amount of goods or services that can be bought. Such an analysis shows that for most items, it takes much less work time to earn them now than it did decades ago, at least in the United States. Real wages are a useful economic measure, as opposed to nominal wages, which show the monetary value of wages in that year. Consider an example economy with the following wages over three years. Assume that the inflation in this economy is 2% per year: Year 1: $20,000 Year 2: $20,400 Year 3: $20,808Real Wage = W/i. If the figures shown are real wages wages have increased by 2% after inflation has been taken into account. In effect, an individual making this wage has more ability to buy goods and services than the previous year. However, if the figures shown are nominal wages real wages are not increasing at all. In absolute dollar amounts, an individual is bringing home more money each year, but the increases in inflation zeroes out the increases in their salary.
Given that inflation is increasing at the same pace as wages, an individual cannot afford to increase their consumption in such a scenario. The nominal wage increases a worker sees in his paycheck may give a misleading impression of whether he is "getting ahead" or "falling behind" over time. For example, the average worker’s paycheck increased 2.7% in 2005, while it increased 2.1% in 2015, creating an impression for some workers that they were "falling behind". However, inflation was 3.4% in 2005, while it was only 0.1% in 2015, so workers were "getting ahead" with lower nominal paycheck increases in 2015 compared to 2005. Following the recession of 2008 real wages globally have stagnated with a world average real wage growth rate of 2% in 2013. Africa, Eastern Europe, Central Asia, Latin America have all experienced real wage growth of under 0.9% in 2013, whilst the developed countries of the OECD have experienced real wage growth of 0.2% in the same period. The International Labour Organisation has stated that wage stagnation has resulted in "a declining share of GDP going to labour while an increasing share goes to capital in developed economies."The Economic Policy Institute has blamed "intentional policy choices" by governments for real wage stagnation in this period.
Stating "the abandonment of full employment as a main objective of economic policymaking, declining union density, various labor market policies and business practices, policies that have allowed CEOs and finance executives to capture larger shares of economic growth, globalization policies" have resulted in stagnant real wages in a time of increasing productivity. The Economic Policy Institute stated wages have stagnated in the United States since the mid 1970s, failing to keep up with productivity. According to them, between 1973 and 2013, productivity grew 74.4% and hourly compensation grew 9.2%, contradicting economic theory that those two should rise together. However, the Heritage Foundation says these claims rest on misinterpreted economic statistics. According to them, productivity grew 100% between 19
General Confederation of Labour (Argentina)
The General Confederation of Labor of the Argentine Republic is a national trade union federation in Argentina founded on September 27, 1930, as the result of the merger of the USA and the COA trade unions. Nearly one out of five employed - and two out of three unionized workers in Argentina - belong to the CGT, one of the largest labor federations in the world; the CGT was founded on September 27, 1930, the result of an agreement between the Socialist Confederación Obrera Argentina and the Revolutionary Syndicalist Unión Sindical Argentina, which had succeeded to the FORA IX. The COA, which included the two unions covering rail transport in Argentina, was the larger of the two with 100,000 members. During the Infamous Decade of the 1930s and subsequent industrial development, the CGT began to form itself as a strong union, competing with the anarchist FORA V. Centered around the railroad industry, the CGT was headed in the 1930s by Luis Cerruti and José Domenech; the CGT became the Argentine affiliate of the International Federation of Trade Unions.
The CGT split in 1935 over a conflict between Socialists and Revolutionary Syndicalists, leading to the creation of the CGT-Independencia and the CGT-Catamarca. The latter reestablished the Unión Sindical Argentina in 1937; the CGT again split in 1942, creating the CGT n°1, headed by the Socialist railroader José Domenech and opposed to Communism. After the coup d'état of 1943, its leaders embraced the pro-working class policies of the Labour Minister, Col. Juan Perón; the CGT was again unified, due to the incorporation of many unionists who were members of the CGT n°2, dissolved in 1943 by the military government. When Perón was separated from the government and confined on Martín García Island, the CGT called for a major popular demonstration at the Plaza de Mayo, on October 17, 1945, succeeding in releasing Perón from prison and in the call for elections. Founding on the same day the Labour Party, the CGT was one of the main support of Perón during the February 1946 elections; the Labor Party merged into the Peronist Party in 1947, the CGT became one of the strongest arms of the Peronist Movement, as well as the only trade union recognized by Perón's government.
Two CGT delegates, the Socialist Ángel Borlenghi and Juan Atilio Bramuglia were nominated Minister of Interior and Minister of Foreign Affairs, respectively. Colonel Domingo Mercante, the military officer with the closest ties to labor, was elected Governor of Buenos Aires; the number of unionized workers grew markedly during the Perón years, from 520,000 to over 2.5 million. His administration enacted or extended numerous landmark social reforms supported by the CGT, including: minimum wages. After the Revolución Libertadora military coup in 1955, which ousted Perón and outlawed Peronism, the CGT was banned from politics and its leadership replaced with government appointees. In response, the CGT began a destabilization campaign to end Perón's proscription and to obtain his return from exile. Amid ongoing strikes over both declining real wages and political repression, AOT textile workers' leader Andrés Framini and President Arturo Frondizi negotiated an end to six years of forced government receivership over the CGT in 1961.
This concession, as well as the lifting of the Peronists' electoral ban in 1962, led to Frondizi's overthrow, however. During the 1960s, the leaders of the CGT attempted to create a "Peronism without Perón" - that is, a form of Peronism that retained the populist ideals set forth by Juan Perón, but rejected the personality cult that had developed around him in the 1940s and 1950s; the chief exponents of this strategy were the Unión Popular, founded by former Foreign Minister Juan Atilio Bramuglia, UOM steelworkers' leader Augusto Vandor, who endorsed the CGT's active participation in elections against Perón's wishes and became the key figure in this latter movement. Vandor and Perón both supported President Arturo Illia's overthrow in 1966, but failed to reach an agreement with dictator Juan Carlos Onganía afterward. While membership in CGT unions remained well below their peak before Perón's 1955 overthrow, they enjoyed unprecedented resources during the 1960s; the CGT diversified their assets through investment
Isabel Martínez de Perón
María Estela Martínez Cartas de Perón, better known as Isabel Martínez de Perón or Isabel Perón, served as the 42nd President of Argentina from 1974 to 1976. She was the third wife of President Juan Perón. During her husband's third term as president from 1973 to 1974, Isabel served as both vice president and First Lady. Following her husband's death in office in 1974, Isabel served as president of Argentina from 1 July 1974 to 24 March 1976, when the military took over the government and placed her under house arrest for five years, before exiling her to Spain in 1981, she holds the distinction of having been the first woman to have had the title of "President", as opposed to a queen or prime minister. In 2007 an Argentine judge ordered her arrest over the forced disappearance of an activist in February 1976, on the grounds that the disappearance was authorized by her signing of decrees allowing Argentina's armed forces to take action against "subversives", she was arrested near her home in Spain on 12 January 2007.
Spanish courts subsequently refused her extradition to Argentina. María Estela Martínez Cartas was born in La Rioja, into a lower-middle-class family, daughter of María Josefa Cartas Olguín and Carmelo Martínez, she dropped out of school after the fifth grade. In the early 1950s she became a nightclub dancer, adopting the name Isabel, the saint's name that she had chosen as a confirmation name, she met her future husband during his exile in Panama. Juan Perón, 35 years her senior, was attracted by her beauty and believed she could provide him with the female companionship he had been lacking since the death of his second wife Eva Perón in 1952. Perón brought Isabel with him when he moved to Madrid, Spain, in 1960. Authorities in the conservative Roman Catholic nation did not approve of Perón's cohabitation with a young woman to whom he was not married, so on 15 November 1961 the former president reluctantly married for a third time; as Perón resumed an active role in Argentine politics from exile, Isabel acted as a go-between from Spain to South America.
Having been deposed in a coup in 1955, Perón was forbidden from returning to Argentina, so his new wife was appointed to travel in his stead. The CGT leader José Alonso became one of her main advisers in Perón's dispute against Steelworkers' leader Augusto Vandor's Popular Union faction during mid-term elections in 1965. Isabel met José López Rega, a former policeman with an interest in occultism and fortune-telling, during a visit to Argentina in 1964, she was interested in occult matters, so the two became friends. Under pressure from Isabel, Perón appointed López as her personal secretary. Dr. Héctor Cámpora was nominated by Perón's Justicialist Party to run in the March 1973 presidential elections on the FREJULI ticket. Cámpora won, but it was understood that Juan Perón held the real power; that year, Perón returned to Argentina, Cámpora resigned to allow Perón to run for president. He chose Isabel as his nominee for the Vice Presidency to mollify feuding Peronist factions, as these could agree on no other running mate.
His return from exile was marked by a growing rift between the right and left wings of the Peronist movement. The latter was, supported by the CGT labor federation leadership and Isabel herself, this faction became known by the left as the entorno due to the inner circle status Perón afforded them. Juan Perón cultivated their support while he was in exile, his sympathies ended, after the assassination of CGT leader José Ignacio Rucci by the leftist Montoneros in September. Perón's victory in a snap election called by Congress in September 1973 was always considered and he won with 62% of the vote, he began his third term on 12 October, with Isabel as Vice President. Perón was by in precarious health, however. Isabel had to take over as Acting President on several occasions during his tenure. Juan Perón suffered a series of heart attacks on 28 June 1974. Juan Perón died on 1 July 1974, less than a year after his third election to office; as vice-president his widow formally ascended to the presidency, thus becoming the first female in the world to hold the title of "President", although she was not the first female to lead a country.
She was popularly known as La Presidente. Although she lacked Evita Perón's charisma, the grieving widow at first attracted support from the nation, she pledged to uphold the social market economy policies embodied in the 1973 "Social Pact" as well her husband's long-held economic nationalism. Extremist groups, having fallen out with Juan Perón in previous months, publicly offered support to her; however she cancelled meetings with various constituent and political groups, the sympathy re
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys services; the measure of inflation is the inflation rate, the annualized percentage change in a general price index the consumer price index, over time. The opposite of inflation is deflation. Inflation affects economies in various negative ways; the negative effects of inflation include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, if inflation were rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. Positive effects include reducing unemployment due to nominal wage rigidity, allowing the central bank more leeway in carrying out monetary policy, encouraging loans and investment instead of money hoarding, avoiding the inefficiencies associated with deflation.
Economists believe that the high rates of inflation and hyperinflation are caused by an excessive growth of the money supply. Views on which factors determine low to moderate rates of inflation are more varied. Low or moderate inflation may be attributed to fluctuations in real demand for goods and services, or changes in available supplies such as during scarcities. However, the consensus view is that a long sustained period of inflation is caused by money supply growing faster than the rate of economic growth. Today, most economists favor a steady rate of inflation. Low inflation reduces the severity of economic recessions by enabling the labor market to adjust more in a downturn, reduces the risk that a liquidity trap prevents monetary policy from stabilizing the economy; the task of keeping the rate of inflation low and stable is given to monetary authorities. These monetary authorities are the central banks that control monetary policy through the setting of interest rates, through open market operations, through the setting of banking reserve requirements.
Rapid increases in the quantity of money or in the overall money supply have occurred in many different societies throughout history, changing with different forms of money used. For instance, when gold was used as currency, the government could collect gold coins, melt them down, mix them with other metals such as silver, copper, or lead, reissue them at the same nominal value. By diluting the gold with other metals, the government could issue more coins without increasing the amount of gold used to make them; when the cost of each coin is lowered in this way, the government profits from an increase in seigniorage. This practice would increase the money supply but at the same time the relative value of each coin would be lowered; as the relative value of the coins becomes lower, consumers would need to give more coins in exchange for the same goods and services as before. These goods and services would experience a price increase. Song Dynasty China introduced the practice of printing paper money to create fiat currency.
During the Mongol Yuan Dynasty, the government spent a great deal of money fighting costly wars, reacted by printing more money, leading to inflation. Fearing the inflation that plagued the Yuan dynasty, the Ming Dynasty rejected the use of paper money, reverted to using copper coins. Large infusions of gold or silver into an economy led to inflation. From the second half of the 15th century to the first half of the 17th, Western Europe experienced a major inflationary cycle referred to as the "price revolution", with prices on average rising sixfold over 150 years; this was caused by the sudden influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a cash-starved Europe and caused widespread inflation. Demographic factors contributed to upward pressure on prices, with European population growth after depopulation caused by the Black Death pandemic. By the nineteenth century, economists categorized three separate factors that cause a rise or fall in the price of goods: a change in the value or production costs of the good, a change in the price of money, a fluctuation in the commodity price of the metallic content in the currency, currency depreciation resulting from an increased supply of currency relative to the quantity of redeemable metal backing the currency.
Following the proliferation of private banknote currency printed during the American Civil War, the term "inflation" started to appear as a direct reference to the currency depreciation that occurred as the quantity of redeemable banknotes outstripped the quantity of metal available for their redemption. At that time, the term inflation referred to the devaluation of the currency, not to a rise in the price of goods; this relationship between the over-supply of banknotes and a resulting depreciation in their value was noted by earlier classical economists such as David Hume and David Ricardo, who would go on to examine and debate what effect a currency devaluation has on the price of goods. The adoption of fiat currency by many countries, from the 18th century onwards, made much larger variations in the supply of money possible. Rapid increases in the money supply have taken place a number of times in countries experiencing political crises, produ
Argentina the Argentine Republic, is a country located in the southern half of South America. Sharing the bulk of the Southern Cone with Chile to the west, the country is bordered by Bolivia and Paraguay to the north, Brazil to the northeast and the South Atlantic Ocean to the east, the Drake Passage to the south. With a mainland area of 2,780,400 km2, Argentina is the eighth-largest country in the world, the fourth largest in the Americas, the largest Spanish-speaking nation; the sovereign state is subdivided into twenty-three provinces and one autonomous city, Buenos Aires, the federal capital of the nation as decided by Congress. The provinces and the capital exist under a federal system. Argentina claims sovereignty over part of Antarctica, the Falkland Islands, South Georgia and the South Sandwich Islands; the earliest recorded human presence in modern-day Argentina dates back to the Paleolithic period. The Inca Empire expanded to the northwest of the country in Pre-Columbian times; the country has its roots in Spanish colonization of the region during the 16th century.
Argentina rose as the successor state of the Viceroyalty of the Río de la Plata, a Spanish overseas viceroyalty founded in 1776. The declaration and fight for independence was followed by an extended civil war that lasted until 1861, culminating in the country's reorganization as a federation of provinces with Buenos Aires as its capital city; the country thereafter enjoyed relative peace and stability, with several waves of European immigration radically reshaping its cultural and demographic outlook. The almost-unparalleled increase in prosperity led to Argentina becoming the seventh wealthiest nation in the world by the early 20th century. Following the Great Depression in the 1930s, Argentina descended into political instability and economic decline that pushed it back into underdevelopment, though it remained among the fifteen richest countries for several decades. Following the death of President Juan Perón in 1974, his widow, Isabel Martínez de Perón, ascended to the presidency, she was overthrown in 1976 by a U.
S.-backed coup which installed a right-wing military dictatorship. The military government persecuted and murdered numerous political critics and leftists in the Dirty War, a period of state terrorism that lasted until the election of Raúl Alfonsín as President in 1983. Several of the junta's leaders were convicted of their crimes and sentenced to imprisonment. Argentina is a prominent regional power in the Southern Cone and Latin America, retains its historic status as a middle power in international affairs. Argentina has the second largest economy in South America, the third-largest in Latin America, membership in the G-15 and G-20 major economies, it is a founding member of the United Nations, World Bank, World Trade Organization, Union of South American Nations, Community of Latin American and Caribbean States and the Organization of Ibero-American States. Despite its history of economic instability, it ranks second highest in the Human Development Index in Latin America; the description of the country by the word Argentina has been found on a Venetian map in 1536.
In English the name "Argentina" comes from the Spanish language, however the naming itself is not Spanish, but Italian. Argentina means in Italian " of silver, silver coloured" borrowed from the Old French adjective argentine " of silver" > "silver coloured" mentioned in the 12th century. The French word argentine is the feminine form of argentin and derives from argent "silver" with the suffix -in; the Italian naming "Argentina" for the country implies Terra Argentina "land of silver" or Costa Argentina "coast of silver". In Italian, the adjective or the proper noun is used in an autonomous way as a substantive and replaces it and it is said l'Argentina; the name Argentina was first given by the Venetian and Genoese navigators, such as Giovanni Caboto. In Spanish and Portuguese, the words for "silver" are plata and prata and " of silver" is said plateado and prateado. Argentina was first associated with the silver mountains legend, widespread among the first European explorers of the La Plata Basin.
The first written use of the name in Spanish can be traced to La Argentina, a 1602 poem by Martín del Barco Centenera describing the region. Although "Argentina" was in common usage by the 18th century, the country was formally named "Viceroyalty of the Río de la Plata" by the Spanish Empire, "United Provinces of the Río de la Plata" after independence; the 1826 constitution included the first use of the name "Argentine Republic" in legal documents. The name "Argentine Confederation" was commonly used and was formalized in the Argentine Constitution of 1853. In 1860 a presidential decree settled the country's name as "Argentine Republic", that year's constitutional amendment ruled all the names since 1810 as valid. In the English language the country was traditionally called "the Argentine", mimicking the typical Spanish usage la Argentina and resulting from a mistaken shortening of the fuller name'Argentine Republic'.'The Argentine' fell out of fashion during the mid-to-late 20th century, now the country is referred to as "Argentina".
In the Spanish language "Argentina" is feminine, taking the feminine article "La" as the i
A general strike is a strike action in which a substantial proportion of the total labour force in a city, region, or country participates. General strikes are characterised by the participation of workers in a multitude of workplaces, tend to involve entire communities. General strikes first occurred in the mid-19th century, have characterised many important strikes. An early predecessor of the general strike may have been the secessio plebis in ancient Rome. In the Outline Of History, H. G. Wells recorded "the general strike of the plebeians, their first strike occurred because they "saw with indignation their friends, who had served the state bravely in the legions, thrown into chains and reduced to slavery at the demand of patrician creditors."Wells noted that "he patricians made a mean use of their political advantages to grow rich through the national conquests at the expense not only of the defeated enemy, but of the poorer plebeian..." The plebeians, who were expected to obey the laws, but were not allowed to know the laws, were successful, winning the right to appeal any injustice to the general assembly.
In 450 BC. in a concession resulting from the rebellion of the plebeians, the laws of Rome were written for all to peruse. The general strike action only became a feature of the political landscape with the onset of the Industrial Revolution. For the first time in history, large numbers of people were members of the industrial working class. By the 1830s, when the Chartist movement was at its peak, a true and widespread'workers' consciousness' was beginning to awaken in England; the first theorist to formulate and popularise the idea of a general strike for the purpose of political reform was the radical pamphleteer William Benbow. Involved with planning the attempted Blanketeers protest march by Lancashire weavers in March 1817, he became an associate of William Cobbett and passed his time "agitating the labouring classes at their trades meetings and club-houses."On 28 January 1832 Benbow published a pamphlet entitled Grand National Holiday and Congress of the Productive Classes. Benbow began to advocate direct and violent action for political reform, in particular he advanced his idea for a "national holiday" and "national convention".
By this he meant an extended period of general strike by the working classes, which would be a sacred or holy action, during which time local committees would keep the peace and elect delegates to a national convention or congress, which would agree the future direction of the nation. The striking workers were to support themselves with savings and confiscated parish funds, by demanding contributions from rich people. Benbow's idea of a Grand National Holiday was adopted by the Chartist Congress of 1839, Benbow having spent time in Manchester during 1838-9 promoting the cause and his pamphlet. In 1842 the demands for fairer wages and conditions across many different industries exploded into the first modern general strike. After the second Chartist Petition was presented to Parliament in April 1842 and rejected, the strike began in the coal mines of Staffordshire and soon spread through Britain affecting factories, mills in Lancashire and coal mines from Dundee to South Wales and Cornwall.
Instead of being a spontaneous uprising of the mutinous masses, the strike was politically motivated and was driven by a hard-headed agenda to win concessions. As much as half of the industrial workforce were on strike at its peak – over 500,000 men; the local leadership marshaled a growing working-class tradition to politically organise their followers to mount an articulate challenge to the capitalist, political establishment. The mass abandonment of plantations by black slaves and poor whites during the American Civil War has, been considered a general strike. In his classic history Black Reconstruction in America, W. E. B. Du Bois describes this mass abandonment in these terms: Transforming itself from a problem of abandoned plantations and slaves captured while being used by the enemy for military purposes, the movement became a general strike against the slave system on the part of all who could find opportunity; the trickling streams of fugitives swelled to a flood. Once begun, the general strike of black and white went madly and relentlessly on like some great saga.
The next large scale general strike took place over half a century in Belgium, in an effort to force the government to grant universal suffrage to the people. However, there were periodical strikes throughout the 19th century that could loosely be considered as'general strikes'. In the United States, the Philadelphia General Strike of 1835 lasted for three weeks, after which the striking workers won their goal of a ten-hour workday and an increase in wages. General strikes include the 1877 Saint Louis general strike, which grew out of the events of the Great Railroad Strike of 1877 across the United States and the 1892 New Orleans general strike; the year of 1919 saw a cascade of general strikes around the world as a result of the political convulsions caused by the First World War – in Germany, Belfast and Winnipeg. The Russian Revolution of 1905 saw a massive wave of social unrest across the Russian Empire, characterised by large scale general strikes on the part of the industrial workers.
The 1926 United Kingdom general strike started in the coal industry and escalated.
Spain the Kingdom of Spain, is a country located in Europe. Its continental European territory is situated on the Iberian Peninsula, its territory includes two archipelagoes: the Canary Islands off the coast of Africa, the Balearic Islands in the Mediterranean Sea. The African enclaves of Ceuta, Peñón de Vélez de la Gomera make Spain the only European country to have a physical border with an African country. Several small islands in the Alboran Sea are part of Spanish territory; the country's mainland is bordered to the south and east by the Mediterranean Sea except for a small land boundary with Gibraltar. With an area of 505,990 km2, Spain is the largest country in Southern Europe, the second largest country in Western Europe and the European Union, the fourth largest country in the European continent. By population, Spain is the fifth in the European Union. Spain's capital and largest city is Madrid. Modern humans first arrived in the Iberian Peninsula around 35,000 years ago. Iberian cultures along with ancient Phoenician, Greek and Carthaginian settlements developed on the peninsula until it came under Roman rule around 200 BCE, after which the region was named Hispania, based on the earlier Phoenician name Spn or Spania.
At the end of the Western Roman Empire the Germanic tribal confederations migrated from Central Europe, invaded the Iberian peninsula and established independent realms in its western provinces, including the Suebi and Vandals. The Visigoths would forcibly integrate all remaining independent territories in the peninsula, including Byzantine provinces, into the Kingdom of Toledo, which more or less unified politically and all the former Roman provinces or successor kingdoms of what was documented as Hispania. In the early eighth century the Visigothic Kingdom fell to the Moors of the Umayyad Islamic Caliphate, who arrived to rule most of the peninsula in the year 726, leaving only a handful of small Christian realms in the north and lasting up to seven centuries in the Kingdom of Granada; this led to many wars during a long reconquering period across the Iberian Peninsula, which led to the creation of the Kingdom of Leon, Kingdom of Castile, Kingdom of Aragon and Kingdom of Navarre as the main Christian kingdoms to face the invasion.
Following the Moorish conquest, Europeans began a gradual process of retaking the region known as the Reconquista, which by the late 15th century culminated in the emergence of Spain as a unified country under the Catholic Monarchs. Until Aragon had been an independent kingdom, which had expanded toward the eastern Mediterranean, incorporating Sicily and Naples, had competed with Genoa and Venice. In the early modern period, Spain became the world's first global empire and the most powerful country in the world, leaving a large cultural and linguistic legacy that includes more than 570 million Hispanophones, making Spanish the world's second-most spoken native language, after Mandarin Chinese. During the Golden Age there were many advancements in the arts, with world-famous painters such as Diego Velázquez; the most famous Spanish literary work, Don Quixote, was published during the Golden Age. Spain hosts the world's third-largest number of UNESCO World Heritage Sites. Spain is a secular parliamentary democracy and a parliamentary monarchy, with King Felipe VI as head of state.
It is a major developed country and a high income country, with the world's fourteenth largest economy by nominal GDP and sixteenth largest by purchasing power parity. It is a member of the United Nations, the European Union, the Eurozone, the Council of Europe, the Organization of Ibero-American States, the Union for the Mediterranean, the North Atlantic Treaty Organization, the Organisation for Economic Co-operation and Development, Organization for Security and Co-operation in Europe, the Schengen Area, the World Trade Organization and many other international organisations. While not an official member, Spain has a "Permanent Invitation" to the G20 summits, participating in every summit, which makes Spain a de facto member of the group; the origins of the Roman name Hispania, from which the modern name España was derived, are uncertain due to inadequate evidence, although it is documented that the Phoenicians and Carthaginians referred to the region as Spania, therefore the most accepted etymology is a Semitic-Phoenician one.
Down the centuries there have been a number of accounts and hypotheses: The Renaissance scholar Antonio de Nebrija proposed that the word Hispania evolved from the Iberian word Hispalis, meaning "city of the western world". Jesús Luis Cunchillos argues that the root of the term span is the Phoenician word spy, meaning "to forge metals". Therefore, i-spn-ya would mean "the land where metals are forged", it may be a derivation of the Phoenician I-Shpania, meaning "island of rabbits", "land of rabbits" or "edge", a reference to Spain's location at the end of the Mediterranean. The word in question means "Hyrax" due to Phoenicians confusing the two animals. Hispania may derive from the poetic use of the term Hesperia, reflecting the Greek perception of Italy as a "western land" or "land of the setting sun" (Hesperia