Wednesday 27 February 2019

Globalisation is ravaging Spain

Spain's economy collapsed like every European economy in 2008 and because of the euro Spain could not devalue. Spain has bounced back starting in 2014, unemployment has been halved but real wages have fallen and over a quarter of workers are on temporary contracts. 

Peter Franklin in Unherd says that this is internal devaluation and is the background to the rise of the anti-immigration party Vox. I think the rush of immigrants from Africa is enough to explain why people vote for Vox but internal devaluation is an important part of the story too. 

Spain has it bad and the euro and massive immigration flows are in large part to blame. To distract voters the left-wing government wants to exhume General Franco's corpse (literally). 

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