Del auge al colapso. El modelo financiero-inmobiliariode la economía española (1995-2010)

Abstract

From the point of view of orthodox analysis, the growth pattern of the spanish economy between 1995 and 2007 is completely abnormal.Besides the centrality of real estate, the Spanish growth model has been based on a set of policies aimed at the reconstruction of aggregate demand through the appreciation of real state assets owned by the families. Without leaving a demand-based economy, this real state wealth position of domestic economies has operated a shift in deficit spending from thestate to the families, which have endured strong rises in consumption and new rounds of endebtment. It is in this sense that the crises shows itself as a bottleneck of difficult overcoming, at the time that social deterioration extends due to the very consecuences of the social penetration of financiarization, public policies are incapable of recomposing a new growth cycle, being submitted to growing pressures steming from the big corporate and financial agents.