What is Spain?

30 June, 2020

Nadia Calviño, Spanish Vicepresident of Economic Affaires.
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Today, the Spanish Minister of Economy, Nadia Calviño, has published a document to convince large capital funds to invest in state debt. In other words, she explains why betting on the overall result of national capital is a good investment. The set allows to understand well the continuity of the “road map” of the Spanish bourgeoisie and what it considers its “achievements”. Achievements that, of course, the PSOE-IU-Podemos government makes its own and intends to carry “further”.


Spain is, among the 4 largest countries in the EU, the country that has devalued the wages the most. Before the Covid, Spanish wages were reduced to 87.5% of what they were so far this century.


Spanish capital has been increasingly applied to the service sector, which is more precarious and “flexible”, leaving behind its dependence on construction and industry…


…increasing its profitability faster than the rest…

…despite narrowly maintaining its exports (although more so than the others).


The key point, once again, is “wage devaluation” and precarization, which have allowed capital to “create jobs”, that is, to exploit more workers under worse conditions. The slide used to show this “job creation” is the same one the PP government used to count the “miraculous” results of Rajoy’s labor reform. Very significant is the extent to which the PSOE government makes it its own despite itsdeclarative pirouettes.

Stated otherwise

Spanish capital is, among the four big EU states, the one that has been able to lower wages more quickly and deeply after 2009, in order to transfer massively the income from labor to capital and thus revive accumulation.

Evolution of salaries in Spain by deciles (groups representing 10% of the total) between 2008 and 2014. The lowest deciles, those who earned the least, are those who lost the most in the crisis.

“Credit” does not belong to a single government, this strategy is a real recurrent workout of Spanish capital and its political apparatus, with the PP, PSOE… and now IU-Podemos, at the helm.

Wage share in Spanish GDP since 1978 (including profit shares disguised as wages) The labor share only grows when capital crashes and has not yet had time to attack wages, spending on labor power maintenance and working conditions even more.

But we must not take credit away from the PSOE and Sánchez. If the Spanish bourgeoisie entrusts him with the management of what seems to be the hardest recession in decades, it is for a reason. All we have to do is remember the last year before the pandemic…


También puedes leer «What is Spain?» en español
Vous pouvez lire aussi «What is Spain?» en français
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