The Great Spanish Crash, Part 2/4 Reply

toro recession

The second part of this four-part BBC series traces the development of Spanish political economy–because they are inexorably linked–from the transición democratica of the late seventies to the present day. Adolfo Suarez, the political architect of Spain’s changeover from franquismo to democracy, faced two possible stumbling blocks: Catalan and Basque separatism. HIs solution: create new autonomies for all 17 of the Spanish regions. Not only was this an expensive multiplication of administrative costs, but as all of the new autonomías were authorized to borrow and spend money, it inevitably led to penury in later years.

Here is the link to Part 2: http://youtu.be/HeIUhC84seQ

Video courtesy of rose496900yt1

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