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2008: Spain in the Eye of the Perfect Storm

In: Historical Turning Points in Spanish Economic Growth and Development, 1808–2008

Author

Listed:
  • Jose Ignacio Conde-Ruiz

    (Universidad Complutense de Madrid)

  • Elena Martínez-Ruiz

    (University of Alcalá)

Abstract

Spain’s economic expansion and social modernization ended abruptly in 2008 when the turbulence of the US economy spread to international financial markets. This chapter analyses the impact of the international crisis in Spain, where the problems were to be deeper and longer-lasting, given the large imbalances accumulated. Spain’s membership in the EMU is essential to an understanding of both the gestation and development of the financial crisis in Spain, as well as the political response adopted by successive governments. Since 2014, the Spanish economy has been on the way to recovery. However, while some imbalances have been corrected, new problems have appeared that have ended up damaging the social cohesion in Spain. This chapter analyses how these events could affect the future development of Spain.

Suggested Citation

  • Jose Ignacio Conde-Ruiz & Elena Martínez-Ruiz, 2020. "2008: Spain in the Eye of the Perfect Storm," Palgrave Studies in Economic History, in: Concha Betrán & Maria A. Pons (ed.), Historical Turning Points in Spanish Economic Growth and Development, 1808–2008, chapter 7, pages 195-230, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-40910-4_7
    DOI: 10.1007/978-3-030-40910-4_7
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