Acceso usuarios
Madrid, España
The paper provides an in-depth analysis of profitability in Spain between 1995 and 2014, showing that behind the asset-price inflation of the growth period and its corresponding macroeconomic imbalances, an underlying problem of capital valorization can be found. For this purpose, a study of various measures of profitability is carried out based on the concept of productive labor and highlighting the role of finance (interest rates and indebtedness). The evolution of the profit rate in previous years is also shown, together with a comparison with countries in the Eurozone, both in the most advanced areas and in the periphery.
The paper reveals the large extent of the underlying profitability crisis, with a huge fall of profit rates from the late sixties, during the period of the housing boom, and throughout the subsequent recession. In addition, this drop in profitability stands out in relation to other economies of the European periphery. Hence, the study puts the rate of profit at the center of the debate on the Great Recession in Spain, despite its absence in much of the economic literature
Este artigo analiza en profundidade a rendibilidade do capital en España entre 1995 e 2014, e mostra o problema subxacente de valorización do capital detrás da inflación dos activos propia do período de crecemento, e os seus correspondentes desequilibrios macroeconómicos. Para iso, realízase un estudo de diversas medidas da rendibilidade a partir do concepto de traballo produtivo, con especial énfase no papel das finanzas (tipos de xuro e endebedamento). Á súa vez, abórdase a evolución da taxa de beneficio en anos anteriores, xunto cunha comparación con países da Eurozona, tanto nas economías máis avanzadas como na periferia. A investigación revela a amplitude da crise de rendibilidade subxacente, cunha importante caída das taxas de ganancia desde finais dos anos sesenta, durante o período do boom inmobiliario, así como ao longo da recesión posterior.
Ademais, este descenso da rendibilidade destaca en relación con outras economías da periferia europea, de aí que o estudo sitúe a taxa de beneficio no centro do debate sobre a Gran Recesión en España, a pesar da súa ausencia en gran parte da literatura económica
