MACMILLAN The Theory of Crisis and the Great Recession in Spain

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. Review “Juan Pablo Mateo has written a rare, and in these times possibly unique book, whose importance goes well beyond the promise of the title, because through the prism of the Spanish economy, it offers the reader an understanding of the economic malaise not just of this country but of Europe and the industrialised world.” (Alan Freeman, Geopolitical Economy Research Group, University of Manitoba, Canada) “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 on Spain. 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) From the Back Cover This book has a dual purpose. Firstly, it analyses the concept of economic crises within economic theory, showing the various theoretical foundations and controversies amongst different schools of economic thought. Secondly, it presents an empirical analysis of the Great Recession in Spain, addressing both the growth period from 1995 to 2007-08 and the subsequent depression until 2013-14. Using a political economy approach, the aim of this book is not to explain the root causes of the 2007-08 crisis but to demonstrate the way in which the tendency towards a crisis manifests itself in a given economy in a historical context. In other words, this book focuses upon the reasons why an issue (such as the crisis of profitability) adopts a certain form, or how it is shaped ─ for example, the process of capital accumulation being led by a real estate bubble. Consequently, the two divisions in this book are linked by 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. About the Author Juan Pablo Mateo