The so-called 'Spanish miracle', beginning in the mid-1990s, eventually became a nightmare for the majority of the population, culminating in the present-day economic and political crisis. This book explores the main features of the Spanish political-economic model during both the growth and crisis periods.
Analyzing the causes and consequences of the continuing economic crisis in Spain, this book delves into five analytical axes: the evolution of the growth model; the role of Spain in the international division of labor; the financial sector and its influence on the rest of the economy; changes in the labor market; and the distributional consequences of both the expansive phase and the later crisis. Furthermore, contributors examine the formation of a triangle of actors (the government sector, building sector, and financial capital) that shaped the Spanish growth model, together with the effects of Spain's membership in the Economic and Monetary Union. Also considering ecological problems, gender issues, and the immigration question, this book challenges the alleged recovery of living conditions during recent years, as well as the explanation of the crisis as the result of irrational behaviors or the greedy nature of certain actors.
The Political Economy of Contemporary Spain provides a coherent explanation of the Spanish economic crisis based on a pluralistic approach, while proposing several measures that could contribute to a transformation of Spain's economic and social models.
List of Figures and Tables, List of Contributors, Introduction: The Political Economy of the Spanish Growth Model and its Structural Adjustment Process, Luis Buendia and Ricardo Molero-Simarro. Chapter 1. The accumulation model of the Spanish economy: profitability, the real estate bubble and sectoral imbalances, Juan Pablo Mateo and Miguel Montanya. Chapter 2. Spain's external insertion: peripheral or not?, Manuel Gracia and Maria Jose Paz. Chapter 3. The Spanish financial sector: debt crisis and bailout, Eduardo Garzon Espinosa, Bibiana Medialdea Garcia and Antonio Sanabria Martin. Chapter 4. The Spanish Labor Market. On the path of flexibility and wage devaluation, Maria Eugenia Ruiz-Galvez and Lucia Vicent Valverde. Chapter 5. The distributive pattern of the Spanish economy: the impact of adjustment on inequalities, Luis Buendia, Ricardo Molero-Simarro and Javier Murillo Arroyo. Conclusion, Luis Buendia and Ricardo Molero-Simarro. Index
Luis Buendia is Assistant Professor of Public Economics and Political Economy at the University of Leon, Spain. Since 2014, he has taken part in a project on the crisis in Southern Europe, financed by the Sheffield Political Economy Research Institute, and he has also been a member of the Steering Committee of the Asociacion de Economia Critica (Critical Economics Association). Ricardo Molero-Simarro is Honorary Fellow at the Department of Applied Economics I (International Economics and Development) of the Complutense University of Madrid, Spain. He has also been a researcher at the School of Oriental and African Studies, UK, and the Peking University, China. His lines of research include aspects of income inequality, as well as monetary systems. In 2014, he was invited as a speaker to the Labour Economics after the Crisis Conference organized by the European Commission.
Reviews for The Political Economy of Contemporary Spain: From Miracle to Mirage
This work, written in seven chapters by a diverse group of Spanish researchers who are specialists in their fields, is meticulously stitched together which makes it a pleasant and accessible read even for non-specialists. The resulting work is a reflection of the plurality, intensity and quality of current research in the field of economic science[...] - Marta Cazorla, Papeles de Europa '[This book] has the double advantage of combining powerful and interrelated analyses of different aspects of the Spanish economy with an easily understandable form of writing. Thanks to this, the book will be helpful to a wide range of readers, from students to advanced researchers in social sciences.' - Juan Barredo-Zuriarrain, Revista de Economia Critica 'In short, we find a text that is necessary, rigorous, well-structured and that, although pluralist in the different perspectives adopted by the authors of each chapter, maintains a theoretical coherence that speaks positively of the quality of the work carried out by the editors.' - Alfredo Macias Vazquez, Revista de Economia Mundial 'The book presented here not only offers a precise and accurate diagnosis of the ultimate roots of our present evils, but also advances a constructive program with the aim that, in the words of the editors, the lost decade does not end up becoming a forgotten generation.' - Pedro M. Rey Araujo, Papeles de relaciones ecosociales y cambio global