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Full Description
This book has a dual purpose. First, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Second, it presents an empirical analysis of the Great Recession in Spain, addressing the growth period of 1995 to 2007-08, the subsequent depression until 2013-14 and the recovery that followed. It also shows the way in which the inner contradictions of capital manifests itself in an European peripheral economy under a real estate bubble, emphasizing the role of the Spanish economy in European capitalism.
This theoretical and empirical heterodox approach will be of interest to students and scholars in political economy, and those with an interest in the Eurozone.
Contents
1.Introduction: The Political Economy of the Spanish Crisis.- Part I: Foundations of the Theory of Crisis in the Economic Thought.- 2.The Materialist Conception of the Crisis.- 3.Advancing in the Theory of Crisis: Social, Temporal and Geographical Dynamics.- 4.Conventional Economics and the Theories of the Possibility of Crisis.- Part II: A Crisis of Capital Valorization: Profitability, Asset-Inflation and the Composition of Capital.- 5.The Fall in Profitability Underlying the Great Recession.- 6.Construction and the Housing Boom. Analyzing the Price-Effect From The Law of Value.- 7.Why Does Profitability Fall? Paradoxes of Capital Composition and Labour Productivity.- Part III: Controversies Around the Crisis: Why it Happened, What Should Be Done.- 8.This Time It Was Also The Same: Accumulation of Imbalances and Human Failures.- 9.Labor Market, Wages and Crisis.- 10. Financialization and Crisis: From Low Interest Rates to a Credit Boom and Over-Indebtedness.- 11.The Way Out Of Crises. From Diagnosis to a Programme of Economic Policy.- 12.Conclusions.
