Overview
- Analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought
- Explores an empirical analysis of the Great Recession in Spain
- Uses a political economy approach to demonstrate the way in which the tendency toward a crisis manifests itself in a given economy in a historical context
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Table of contents (12 chapters)
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Foundations of the Theory of Crisis in the Economic Thought
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A Crisis of Capital Valorization: Profitability, Asset Inflation and the Composition of Capital
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Controversies Around the Crisis: Why It Happened, What Should Be Done
Keywords
- Spanish recession
- Financial crises
- The logic of capital
- Capital accumulation
- Real estate bubbles
- European capitalism
- Spanish economy
- European Central Bank
- Monetary policy
- Financial deregulation
- Neoliberal economic policies
- Financialisation
- Over-indebtedness
- Labour productivity
- Income distribution
- Asset inflation
- Housing boom
- The Law of Value
- Credit boom
About this book
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.
Reviews
“This unique and original book combines a brilliant review of crisis theories with a sophisticated and nuanced analysis of the recent Spanish crisis. It links excellently its presentation of the analytical deficiencies of Neoclassicism and Keynesianism and Marxism’s explanatory superiority with the evolution of the Spanish economy and its specificities.” (Stavros Mavroudeas, Panteion University, Athens, Greece)
“Juan Pablo Mateo combines both a clear theoretical explanation and meticulous empirical analysis to explain the causes and the impact of the Great Recession onSpain. Nobody has done it better. This is especially timely and relevant as we head towards another recession in Europe.” (Michael Roberts, independent economist, London, UK)
“This book is successful, and its reading stimulating, especially because it manages to hold together not only the theoretical analysis of the crisis of capitalism and the critique of the dominant economic theory, but also the analytical thinking and the concrete study of complex forms that the capitalist crisis can take in a specific social and political formation.” (Rémy Herrera, CNRS─Centre d'Economie de la Sorbonne, Paris, France)
“Juan Pablo Mateo, one of the most important Marxist economists in Spain, confirms with this book that it is possible to masterfully combine empirical analysis with a theoretical approach that, based on labor theory of value, places profitability and accumulation at the center of his concern.” (Diego Guerrero, Complutense University of Madrid, Spain)
Authors and Affiliations
About the author
Bibliographic Information
Book Title: The Theory of Crisis and the Great Recession in Spain
Authors: Juan Pablo Mateo Tomé
DOI: https://doi.org/10.1007/978-3-030-27084-1
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2019
Hardcover ISBN: 978-3-030-27083-4Published: 19 November 2019
Softcover ISBN: 978-3-030-27086-5Published: 19 November 2020
eBook ISBN: 978-3-030-27084-1Published: 08 November 2019
Edition Number: 1
Number of Pages: XVII, 332
Number of Illustrations: 25 b/w illustrations
Topics: Political Economy/Economic Systems, Financial Crises, Economic Theory/Quantitative Economics/Mathematical Methods, Economic Policy, Economic History, European Economics