Economía vasca 1980-2010: tres crisis y una gran transformación

This article seeks to outline the far-reaching transformation that the Basque economy has undergone in the last 30 years, in the context of three economic recessions. After briefly running through the relevant history, the article describes the situation at the outset of the period examined, marked by a major structural crisis, then goes on to examine the main features of the transformation that has taken place since that time in terms of growth, productivity, accumulation of production factors, return on capital, distribution of income, imbalances in the labour market and the foreign sector, competitiveness and changes in the nature of output. Next it analyses the role played by the Basque public authorities through public-sector policies and general interventions. Finally, it draws significant conclusions for the medium and long term future of the Basque economy.