El modelo productivo español en el período expansivo de 1997-2007: insostenibilidad y ausencia de políticas de cambio

Abstract

Spain lived an intense period of economic growth between 1997 and 2007, which was basically based on the expansion of the construction industry. This expansion was itself the result of the spectacular real estate bubble during those years. This construction configured a productive system that exploded in 2007 and which consequences suffer still now –and, lamentably for the next years- the majority of the Spanish citizens. In this work we argue that despite the good results in terms of economic growth obtained by the Spanish economy during this decade, along these years there was already a persistent and increasing foreign deficit. This deficit showed that the productive model on which growth was supported was unsustainable. However, this fragility was not properly taken into account by policymakers. Thus, measures to transform this productive system towards a more economically sustainable productive model were not implemented during the expansive economic period.