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Evolution of wage-employment per type of contract. Source: Labor Force Survey, Spanish National Institute of Statistics. Unit: Thousands.

Evolution of wage-employment per type of contract. Source: Labor Force Survey, Spanish National Institute of Statistics. Unit: Thousands.

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This article explores the evolution of Spain’s capitalism during the last decades in order to unveil the factors underlying the harshness with which the COVID-19 pandemic has impacted Spain. We present a twofold thesis. On the one hand, we argue that Spanish capitalism has harbored certain internal vulnerabilities, relative to its productive specia...

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... high prevalence of temporary contracts during the previous expansion, together with the paralysis experienced by a construction sector with high knock-on effects, help account for these dynamics (OECD 2018;Mateo and Montany a 2018). As a result, consumption (which had spurred aggregate demand) declined notably as households attempted a painful process of de-leveraging by increasing their savings, although, in fact, household debt was scarcely reduced (Rey-Ara ujo 2021) (Figure 3). ...

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