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Jesús Fernández-Villaverde highlights the historical foundations of Spain's Social Security system. He references the establishment of the modern framework through the Law 193/1963 on the Bases of Social Security.
Fernández-Villaverde notes that the system was further developed by Decree 907/1966, emphasizing the role of worker and employer contributions. These contributions have been a fundamental aspect of maintaining the Social Security system, which often goes unrecognized in contemporary discussions.