Spain in the 20th century: Economic changes, institutional transformations, and inequality (XXECOINSTINEQ)
Summary
The aim of this project is to analyze some of the most important economic changes that occurred in the Spanish economy during the 20th century, the institutional transformations they instigated and the results in terms of inequality. It examines whether institutional changes were prompted by external shocks affecting all economies or were a result of internal factors, and whether internal dynamics influenced the adaptation to these shocks. In this period, economic international shocks occurred under different political regimes, including dictatorship and democracy, resulting in different institutional responses to address them. Spain was one of the European countries where the 2008 crisis had a great impact, facing challenges in job creation. The consequences of technological change and the disruptive effect of China’s emergence in trade, with labor-intensive goods, have been and continue to be concerning, especially in certain segments of the labor market, such as unskilled workers. Additionally, Spain was heavily affected by COVID pandemic.
These shocks had serious political and institutional consequences, including a loss of institutional credibility, increased regional tensions, and political polarization. Similar challenges also met in Spain in the first third of the century after the IWW, involving the 1919 influenza pandemic and the 1929 Great Depression, which ended with the establishment of a dictatorship in 1923 and, furthermore, the 1930s decade ended with the breakdown of the Spanish democracy in 1939. Hence, we will examine two significant phases of dictatorships (1923-30 and 1939-75) and democracies (1931-39 and 1975-) that took turns in Spain throughout the 20th century, each characterized by distinct periods of growth and crisis. We will focus on two specific objectives. First, financial system (regulatory and institutional changes): We will study the impact of institutional changes on transformations in the financial system, the role played by various economic actors (central bank, regulators, public and private banks), changes in terms of banking supervision, and their influence on the functioning of the banking system. Second, Inequality, distributive conflict, and public policies (changes in public policies to promote economic growth and income distribution): we will concentrate on studying trends in inequality, public policies, trade and industrial policy, and the role of compensatory policies, particularly in the field of education.
Research team
Yolanda Blasco Marte (Universitat de Barcelona)
Joaquim Cuevas Casaña
Víctor Gómez Blanco (CUNEF)
Laura Maravall Buckwalter (Universidad de Alcalá de Henares)
Elena Martínez Ruiz (Universidad de Alcalá de Henares)
Miguel Martín-Retortillo Naya (Universidad de Alcalá de Henares)
Maximiliano Presa Palermo