Economy
The railroad arrived in the region in 1881, and during World War I local tungsten deposits were exploited to supply the arms industry. In 1918 the Ponferrada Mining, Iron and Steel Company (Spanish: Minero Siderúrgica de Ponferrada (MSP)) was founded to exploit coal deposits in the region, and it grew to became Spain's largest coal mining corporation. The Spanish National Energy Corporation (Endesa) was founded in 1944 and in 1949 it opened Spain's first coal-fueled power plant in Ponferrada, Compostilla I. In 1960 the Bárcena Dam (Spanish: Pantano de Bárcena) opened and by the second half of the 20th century the economy of the region was mainly based on mining and electricity generation, both hydroelectric and coal-fueled.
Starting in the late 1980s most mines were closed, and after the collapse of the mining industry the region was for a while in a crisis. However, in the late 1990s the region underwent a major transformation with the establishment of several industrial and services firms, the reintroduction of commercial wine production, the opening of a local branch of the University of León in Ponferrada offering several undergraduate degrees, and in general a radical improvement of the region's infrastructure. The economy is now based mainly on tourism, agriculture (fruit and wine), wind power generation and slate mining.
Important factors contributing to the recent boom of the tourism industry in the region are the increasing popularity of the Way of St. James (Spanish: Camino de Santiago; a pilgrimage route that goes from France to Santiago de Compostela, Galicia), the designation in 1997 of Las Médulas as a UNESCO World Heritage Site and the development of rural tourism lodging and wineries in the area. The Energy City Foundation Spanish: Fundación Ciudad de la Energía was established in Ponferrada in 2006 and is currently overseeing the construction of the National Energy Museum (Spanish: Museo Nacional de la Energía) in the city, as well as sponsoring several other initiatives that should further boost tourism and the economy of the region.
Read more about this topic: El Bierzo
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)