The Limits To Capital In Spain

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Since the 1970s, global capitalism has been marked by evermore intense cycles of boom and crisis. Today, Spain is at the epicentre of a crisis that threatens the future of the eurozone. Drawing upon Marxian value theory, Charnock, Purcell, and Ribera-Fumaz explain the deep historical and structural roots of the crisis in Spain, contextualised within global political and economic transformations in recent decades.

They analyse the most recent cycle of boom and crisis in Spain, the nexus among European circuits of financial capital, urbanisation, and the emergent dynamics of state austerity and popular revolt - from the indignados movement to demands for an independent Catalonia. Review: The authors make good on their promise to show that within its value-theoretic framework 'open Marxism' can address the 'significant structural changes that differentiate the forms taken by capitalism over space and time'.

In doing so, they produce a compelling account of the Spanish crisis, tracing it back to specific characteristics and limitations in its post-war development, and following their impact in a deft narrative that situates current class struggles in Spain in interwoven global, regional (EU), national and local context.

It represents a considerable advance on rival approaches within comparative and international political economy, and should be compulsory reading for exponents of 'British' and 'American' IPE, or devotees of the 'varieties of capitalism' contrast between liberal and coordinated market economies. Where these approaches simplify the world and obscure the dynamics of change, Charnock, Purcell and Ribera-Fumaz illuminate them by acknowledging its complexity and giving a clear, multi-layered and theoretically informed account of it.

Comparative Open Marxist political economy has come of age. - Paul Cammack, City University of Hong Kong A very interesting and innovative feature of this book is how the authors combine theoretical developments in international political economy, state theory and urban geography so as to present an insightful account of crisis and revolt in Spain.

This is a must read for anyone interested in understanding the past, present and future of capitalism in the European South. - Miren Etxezarreta, Universidad Autonoma de Barcelona, Spain An excellent and careful analysis of capital's failure in one of the countries in which that failure is most dramatic.

A well-narrated tale that makes it clear that it is time to say goodbye to the hateful world of capital. - John Holloway, Universidad Autonoma de Puebla, Mexico