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The contradictory path of the capital accumulation process in Spain under the Euro

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  • Mateo Tomé, Juan Pablo

    (Kingston University London)

Abstract

The object of study is the dynamic of capital accumulation in Spain between 1999 and 2012, a period in which the Spanish economy has had first a system of fixed exchange rates, and then monetary integration within the Eurozone. Investment has been largely driven by the revaluation of assets related to construction (mainly residential), which has generated a profound reshaping of the economic structure. The relationship between investment, productivity and costs is first approached from a macroeconomic perspective, followed with an analysis of the composition by assets and sectors. It is shown that the most dynamic sectors have been those with relative low technical composition of capital, leading to absolute declines in labour productivity, as well as a price-effect that has completely distorted the reproduction of the Spanish economy.

Suggested Citation

  • Mateo Tomé, Juan Pablo, 2015. "The contradictory path of the capital accumulation process in Spain under the Euro," Economics Discussion Papers 2015-3, School of Economics, Kingston University London.
    • Handle: RePEc:ris:kngedp:2015_003
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    References listed on IDEAS

    as
    1. Edward N. Wolff, 2001. "The recent rise of profits in the United States," Review of Radical Political Economics, Union for Radical Political Economics, vol. 33(3), pages 315-324, September.
    2. Coral García & Patrocinio Tello, 2011. "La evolución de la cuota de exportación de los productos españoles en la última década: el papel de la especialización comercial y de la competitividad," Boletín Económico, Banco de España, issue MAY, pages 50-60, Mayo.
    3. Simon Mohun, 2009. "Aggregate capital productivity in the US economy, 1964--2001," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(5), pages 1023-1046, September.
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    More about this item

    Keywords

    capital accumulation; growth; productivity; investment;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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