Conclusions: Theory and Practice in the Analysis of the Spanish Economic Crisis
This book has attempted to enhance the meaning and relevance of the crisis within the economic analysis, both at the theoretical level and with respect to its application to the case of the Spanish economy. For orthodox and other heterodox currents, this Great Depression in Spain would constitute a tremendous failure, arising from imbalances or a lack of foresight, and the real estate bubble that has led to confusing causes and consequences. Ultimately, these diagnoses of the crisis have reproduced the methodological elements of subjectivism, emphasizing a non-holistic analysis in which a certain systemic logic is absent.
Empirically, the main conclusion of this book is that the root of the crisis lies in the sphere of the production of value: behind the apparently successful growth stage from 1995 to 2007–2008, there was an underlying problem of profitability. In this sense, the critical dialogue with other currents of economic thought has been one of the defining elements of this research. The issues of income distribution, the financial sphere, and the economic policy framework, and their role in the crisis have been critically addressed.
KeywordsTheory of crisis Surplus value Income distribution Finance Economic policy Profit rate
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