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date: 06 July 2022

Abstract and Keywords

After over two decades of prolonged economic growth, Spain suffered its worst economic crisis in decades between 2008 and 2014. The political, social, and economic consequences of this crisis were very severe: unemployment increased sharply reaching over 27 per cent; inequalities deepened; and the two-party political system was transformed by the emergence of new parties. The implementation of structural reforms, which intensified as a result of the European Union financial sector bailout of 2012, led to economic recovery. As a result, credit was restored, strong economic growth resumed, and the political system did not implode. Yet, persistently high unemployment (particularly as regards youth and long-term) as well as inequality (and to a certain extent poverty) still persist a decade after the crisis. This chapter looks at the genesis of the crisis and examines the responses to the crisis, as well as its economic, social, and political consequences.

Keywords: Great Recession, economic consequences, political consequences, social consequences, inequality, unemployment.

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