Structuration and universalization of the management education system: After the establishment of democracy in Spain (1978), the higher education system was widely reformed. The legal system changed significantly, granting a higher level of autonomy to the universities (LRU 1983). Degrees in economics and business were significantly updated, introducing new subjects, both compulsory and non-compulsory, and increasing specialization. In this period (1980s–2007), the demand for management education notably grew and the number of suppliers, both private and public, increased considerably too (see Fig. 5.1); virtually every public university created its own faculty of economics and business. The system allowed for the first time the creation of degrees specialized in business studies, independent from those in economics. The structure of the university studies remained very close to what existed in the previous period, with a catalogue of official studies based in two cycles: Diplomado (three years, first cycle degree) or Licenciado (three + two years, second cycle degree). The educational system recognized only four official degrees related to business: Diplomado in business sciences (first cycle: mainly taught at schools of commerce), Licenciado in management and/or business administration (first + second cycle: five years), Licenciado in market research techniques (second cycle: + two years), Licenciado in actuarial and financial sciences (second cycle: + two years). Students had to complete a five-year degree (or three + two) in order to be admitted onto a PhD programme. Master’s studies were not included in the official catalogue of university degrees, so they were offered as a complement by universities or private business schools. Private business schools dominated the market in master’s for management education and training.