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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.
The economic crisis affecting the industrialised countries in recent years has been singular given its intensity, complexity and the difficulties in overcoming it. The aim of this paper is to analyse the determinants behind the crisis that have made it deeper and longer in Spain than in previous instances, and which have meant that there are significant obstacles to emerging from recession. Spanish EMU membership is a crucial aspect for consideration, as it contributes both to explaining the build-up of imbalances in the expansion and to conditioning the nature of the adjustment in the crisis, given that the range of economic policy instruments is significantly narrower in EMU. The macroeconomic and financial imbalances accumulated in the high-growth phase (the real estate boom, excess debt and the loss in competitiveness), which are all closely interlinked, were factors of vulnerability. But even apparently sounder fundamentals on other fronts, such as the budgetary and labour market situation, saw their weaknesses exposed in the crisis. The experience over the past four years allows some lessons to be drawn on the external sector, the real estate market, fiscal policy and the labour market. These lessons point in particular to the need to avoid complacency in economic policy management in boom periods and to the urgency of adapting the structure of goods and factor markets and the behaviour of economic agents in Spain to the requirements imposed by membership of a monetary union. [Resumen de autor]
This book examines the political roots of banking crises in Spain. It focuses on the process of political bargains in which parties with different interests come together to form coalitions, and it shows how these coalitions have determined banking outcomes and caused banking crises in Spain. In particular, it analyzes the 2008 Spanish banking crisis and shows how Spanish banks and related savings institutions contributed significantly to the challenges that led to the crisis, including the fueling of a large property bubble – by channeling tremendous credits to the construction and real estate sectors, while starving the country’s productive sectors. Accordingly, the book links banking crises to the country’s larger institutional malaise, placing the solution not only in the hands of the banks, but also the political institutions that influence them.
This book provides the first comprehensive analyses of the challenges all European welfare systems have been facing since 2007, combining in-depth country-based studies and comparative chapters. It focuses on: 1) the economic and financial crisis, 2) demographic change, and 3) the balance between avoiding risks and opening up opportunities in social policy. The results show that European welfare systems tend to face the same challenges in different ways and that also their responses to those challenges differ considerably. Although the EU also plays a part in shaping national welfare systems, it becomes evident that European welfare systems are by no means converging: in terms of social policy, national diversity within Europe is still a major factor that will shape future developments in European welfare systems.
Tobias Buck arrived in Madrid in December 2012, in time to celebrate the bleakest Christmas the city had seen in a generation. Capital and country were reeling from a series of economic shocks that had brought Spain to the brink of ruin. The housing boom had dramatically turned to bust, a large chunk of the nation's banking system was in state hands, businesses were closing across the country, debt was spiralling out of control and unemployment levels had reached a record high. AFTER THE FALL presents a rich and vivid portrait of contemporary Spain at a critical moment in the country's history. The book tells the story of Spain's long boom and sudden bust, the brutal economic crisis that followed, and the political and social aftershocks that reverberate to this day. It explores the origins of the separatist movement in Catalonia, and its bitter clash with the Spanish government that culminated in a failed secession referendum and a divisive declaration of independence. It looks at the legacy of the Civil War and Franco dictatorship, and the continuing struggle over historical memory in Spain today. Based on five years of reporting and hundreds of interviews, AFTER THE FALL takes the reader from the offices of power in Madrid and Barcelona to the villages of the Basque country, still haunted by the memory of political violence, and to the towns of Andalusia, where an entire generation has seen its economic hopes shattered. It describes how the country has been changed by the experience of migration, and why - after decades at the margins - the far-right eventually made a return to Spanish politics. For all the problems and challenges facing Spain today, we see that amid the ruins of the crisis, the search for a new Spanish model is already underway.
Spain is at the epicentre of a crisis that threatens the future of the Eurozone. This book explains the deep historical and structural roots of the current crisis in Spain. It analyses the nexus between European circuits of financial capital, urbanisation, and the emergent dynamics of state austerity and popular revolt.
Across Europe and beyond, economic woes in the wake of the global financial crisis of 2007-2008 unleashed fundamental changes in politics, with new parties emerging and populism surging.