Theory and Practice of Crisis in Political Economy: The Case of the Great Recession in Spain

Juan Pablo Mateo

Review of Radical Political Economics, 2022, vol. 54, issue 1, 83-105

Abstract: This paper addresses Marx’s theory of crisis in order to analyze the Great Recession in Spain, a peripheral economy within the Eurozone. It demonstrates that underlying the problem of the “housing bubble†is an incapacity to generate surplus value, which in turn explains certain particularities related to capital composition, productivity, wages, and finance. The article further carries out a critique of both orthodox and heterodox approaches that focus on (1) profit squeeze caused by labor market rigidities, (2) underconsumption due to stagnant wages, and (3) finances, interest rates, and indebtedness JEL classification: B14, E11, E20, E43, J30

Keywords: theory of crisis; profit rate; Spain; housing bubble; interest rates; wages (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:54:y:2022:i:1:p:83-105

DOI: 10.1177/04866134211027243

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