The Theory of Crisis and the Great Recession in Spain

  • Juan Pablo Mateo Tomé

Table of contents

  1. Front Matter
    Pages i-xvii
  2. Foundations of the Theory of Crisis in the Economic Thought

    1. Front Matter
      Pages 27-27
    2. Juan Pablo Mateo Tomé
      Pages 29-51
  3. A Crisis of Capital Valorization: Profitability, Asset Inflation and the Composition of Capital

  4. Controversies Around the Crisis: Why It Happened, What Should Be Done

  5. Back Matter
    Pages 313-332

About this book


This book has a dual purpose. Firstly, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Secondly, it presents an empirical analysis of the Great Recession in Spain, addressing both the growth period from 1995 to 2007-08 and the subsequent depression until 2013-14.

Using a political economy approach, the aim of this book is not to explain the root causes of the 2007-08 crisis but to demonstrate the way in which the tendency towards a crisis manifests itself in a given economy in a historical context. In other words, this book focuses upon the reasons why an issue (such as the crisis of profitability) adopts a certain form, or how it is shaped ─ for example, the process of capital accumulation being led by a real estate bubble. Consequently, the two divisions in this book are linked by the role of the Spanish economy in European capitalism.

This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.


Spanish recession Financial crises The logic of capital Capital accumulation Real estate bubbles European capitalism Spanish economy European Central Bank Monetary policy Financial deregulation Neoliberal economic policies Financialisation Over-indebtedness Labour productivity Income distribution Asset inflation Housing boom The Law of Value Credit boom

Authors and affiliations

  • Juan Pablo Mateo Tomé
    • 1
  1. 1.University of ValladolidSegoviaSpain

Bibliographic information