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

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  • Juan Pablo Mateo

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

Suggested Citation

  • Juan Pablo Mateo, 2022. "Theory and Practice of Crisis in Political Economy: The Case of the Great Recession in Spain," Review of Radical Political Economics, Union for Radical Political Economics, vol. 54(1), pages 83-105, March.
    • Handle: RePEc:sae:reorpe:v:54:y:2022:i:1:p:83-105
    DOI: 10.1177/04866134211027243
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    References listed on IDEAS

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    1. Freeman, Alan, 1999. "Crisis and the Poverty of Nations: Two Market Products Which Value Explains Better," MPRA Paper 6833, University Library of Munich, Germany.
    2. Juan Pablo Mateo Tomé, 2019. "The Theory of Crisis and the Great Recession in Spain," Springer Books, Springer, number 978-3-030-27084-1, November.
    3. Juan Pablo Mateo Tomé, 2020. "La acumulación de capital en la periferia. Una propuesta analítica desde la economia política," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 43(122), pages 119-130, Mayo.
    4. Jorge Uxó & Eladio Febrero & Fernando Bermejo, 2015. "Reforma laboral, devaluación salarial y empleo: una perspectiva macroeconómica," Revista de Economía Laboral - Spanish Journal of Labour Economics, Asociación Española de Economía Laboral - AEET, vol. 12, pages 201-247.
    5. Sergio Puente & Sofía Galán, 2014. "Un análisis de los efectos composición sobre la evolución de los salarios," Boletín Económico, Banco de España, issue FEB, pages 57-61, Febrero.
    6. Óscar Vara, 2009. "Causas de la crisis financiera en el caso español," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 32(88), pages 141-158, Enero-Abr.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    theory of crisis; profit rate; Spain; housing bubble; interest rates; wages;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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