Spain's journey from the rise of the Bourbon dynasty to the present day

This interdisciplinary study by Hungarian economist Gy顤gy Szymon Jr. traces various aspects of Spain's complex and sometimes contradictory historical journey from the accession of the Bourbon dynasty in 1700 to the present day. The author analyzes key processes in the centuries-long political, economic, and social development of this influential Mediterranean power. Theoretical considerations are presented by describing the mechanism of economic growth. The econometric analysis was conducted mainly using an endogenous Caldorovian-type growth model and covered the 70-year period between 1950 and 2020, highlighting manufacturing as the driving sector of the Spanish economy. Special attention is paid to the emergence and sunset of the phenomenon of the Spanish "economic miracle", which are explained primarily as a consequence of the equipping of workers with physical capital and relevant inhibiting effects.