The profit rate and asset-price inflation in the Spanish economy

The measure of capital profitability in the Spanish economy is relevant because of both a process of capital accumulation since mid-nineties largely driven by asset-price inflation, as well as the deep economic crisis since late 2008. Therefore, in this article a comparative analysis is carried out using different databases and measures of the rate of profit, incorporating the financial sphere and addressing other different countries of the Eurozone. It shows the scope of the underlying valorization crisis in relation to previous decades and in terms of its fall experienced during the years not only of the housing boom, but also throughout the subsequent recession. In addition, this drop in profitability stands out in relation to other economies of the European periphery. Hence, this analysis 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, including heterodox approaches.