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The Spanish Financial–Real Estate Capitalism and Its Socio-Political Implications

In: Trajectories of Declining and Destructive Capitalism

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  • Juan Pablo Mateo

Abstract

This chapter offers a materialist critique of capitalism in Spain, integrating the patterns of capital accumulation, the divisions it engenders, and its influence on movements advocating social change. For this purpose, it scrutinizes the financial-real estate model – consistently bolstered by State intervention – from the labour theory of value. The analysis reveals how this model distorts macroeconomic indicators and exacerbates social and geographic disparities, as well as fostering an urban design that profoundly impacts the living conditions of workers. Furthermore, these dynamics have facilitated the emergence of a postmodern left based on identity politics and self-determination, which has exposed deep rifts within the labour movement. More broadly, it reflects an assimilation of the values intrinsic to capitalism, signalling a departure from traditional class-based politics.

Suggested Citation

  • Juan Pablo Mateo, 2025. "The Spanish Financial–Real Estate Capitalism and Its Socio-Political Implications," Research in Political Economy, in: Trajectories of Declining and Destructive Capitalism, volume 40, pages 107-121, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rpeczz:s0161-723020250000040008
    DOI: 10.1108/S0161-723020250000040008
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