During the II Republic, and from different areas, the creation of a center for political and economic studies was proposed. This proposition involved the idea of a specialization in the training of an elite; elite that would be then destined to be in charge of State administration. This center would be created following the example of many highly prestigious institutions in Paris or in London. Already in 1932, the Faculty of Law boosted this idea through the initiation of a series of “Special courses for the study of economics, politics and administration”.

After the opening of many projects launched by the Institute for Political Studies, the University Ordination Act of the 29^th of July 1943, founded the Faculty of Political Sciences and Economics in Universidad Complutense de Madrid, which was enacted by the Ministerial Orders of the 7^th of September and the 29^th of January of 1944 that would regulate its functioning. Classes started on the 16^th of February of 1944 and months later, on the 7^th of July, the decree that would establish the center’s ordination was approved. The first Dean of this newly founded Faculty was Fernando María Castiella.

Based on the act established on the 17^th of July of 1953, that regards the ordination of Economic and Commercial Education, the aforementioned Faculty went on to be called Faculty of Political Sciences, Economics and Commercial Sciences, as a consequence of the inclusion in this institution of Advanced Commercial Education. In 1971, the Faculty was split in separate institutions: the Faculty of Social and Political Science and the Faculty of Economics and Business Administration. From then onwards, the latter started to pass through significant changes. The degree in Economics was divided into two academic branches: General Economy on the one hand and Business Administration on the other. Through this change, education in the field of Business Administration acquired a certain level of autonomy and a higher rank than that it had ever had before.      

The cathedratic professors, Valentín Andrés Álvarez, José Castañeda and Manuel de Torres where the essential structure of Economics during the initial years. From then and until today many teachers have contributed with their classes and publications. Furthermore, these teachers have contributed to the creation of the economic policy in accordance to the 1959 Stabilization Plan, as well as to modernizing Spanish economy and its integration in Europe. From all these teachers, the following are the most noteworthy Ángel Alcaide Inchausti, Enrique Fuentes Quintana, Luis Ángel Rojo, Alberto Ullastres, José Luis Sampedro and Manuel Varela.

In regard to Political Sciences, the first years of its establishment saw the convergence of many teachers from different academic precedence and dissimilar ideological orientations with a predominance of nationalistic ideas and catholic politics. José Antonio Maravall, Luis Díez del Corral, Carlos Ollero, Luis Garcia de Valdeavellano, Manuel Terán and Antonio Truyol Serra were some of the teachers who were present during these years. The first place for cathedratic professorship was opened in 1953 and was awarded to Enrique Gómez de Arboleya.

The Faculty has had three different headquarters that have changed through out the years. From its opening and until 1965 it was situated in the Old House in San Bernardo, Madrid. From 1965 until 1969 it was relocated in the building that nowadays hosts the Faculty of History and Geography, in Ciudad Universitaria. The Faculty of Economics and Business Administration was finally relocated to the place were it still stands today, in Campus de Somosaguas. This happened separately from the newly founded Faculty of Political and Social Sciences that was established in the building that today keeps the Faculty of Statistics in Ciudad Universitaria. Nowadays, both Faculties are in Campus de Somosaguas.

Mercedes Gutiérrez, Estrella Trincado, and Luis Perdices de Blas