Spain and Portugal went from being two maritime, colonialpowers which carved up the newly discovered world through the treaty of Tordesillas in 1494, to being two member countries of the European Union from 1986 onwards.

For a brief period in their history, between 1580 and 1640, they were united politically. In this chapter we aim to assess the main common features in the development of economic thought, as followed by the two Iberian countries, leaving aside national peculiarities. We shall also endeavor to point out and highlight some of the crucial moments in the evolution of economic thought in the two countries, during which we can find signs of innovation, as well as of original adaptation and appropriation, either in questions of a theoretical or doctrinal nature, or in issues related to their application in economic policy programs.