Modern Spain: From Miracle to Crisis

The monograph by Hungarian economist György Simon, Jr. is devoted to the analysis of the political and economic aspects of fundamental processes of modern capitalist development in Spain. The theoretical framework of investigation covers the mechanism of economic growth and economic policy spheres, such as mobilisation of internal resources and international economic conditions. The endogenous growth model with a built-in mechanism of technical progress, primarily used here for practical calculations, considers both physical and human capital, as well as time in the role of event space of creative economic activity. Relying primarily on that model, the author made an attempt to reveal the causes of post-war Spanish "economic miracle" and subsequent decline. The demand-side factors of economic growth are also investigated, in particular foreign direct investment.