This paper addresses the Marx´s theory of crisis in order to analyze the Great Recession in Spain, a peripheral economy within the Eurozone. It is shown the underlying problem in the capacity to generate surplus value behind the housing bubble, which in turn explain some particularities related to the capital composition and productivity, as well as wages and finance. The document also carries out a critic of both orthodox and heterodox approaches that focus i) on a profit squeeze caused by labor market rigidities, ii) underconsumption because of stagnant wages, as well as iii), finances: interest rates and indebtedness.
Author: Juan Pablo Mateo
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