Alright, I said this last time and I’ll say it again, that M1 money supply graph is incredibly misleading. Most of that change was due to a change in accounting at the US fed for M1. The M2 money supply is a much more accurate measurement of the coronavirus change in money supply. I hope you can see this Mr Australian economics man.
The Economics of Stock Footage? 😂 In case you were interested ... we use Storyblocks for all of our visuals (videoblocks.go2cloud.org/SHI9 ...when you sign up with our link, you'll also be supporting our channel!) ❤️ Thanks for watching the show Harsh!
@@EconomicsExplained The problem is that video imagery is very powerful. Stock content may be cost-effective, but you are talking about the potential dichotomies that Spain encounters in it's economy and your video content sends a message that is at odds with your audio message. The place looks just loaded with money! You might want to include some video content that shows the harsher side of living in the Spanish economy. Even when you talked about the massive increase in unemployment in the late 80s your video content wasn't that harsh, just some people walking about. Most of your video shows the wonderful weather in Spain against a backdrop of historic buildings with a nice bit of blue sea thrown in. It gave me the visual impression that there is nothing to worry about and that undervalues your audio content.
Spaniard here. I'd like to point out that apart from political instability (possible Catalonia secession) you have not covered that we have one of the eldest populations in the world. Many young people during the 2008 crisis moved to other countries for employment (such as myself to Australia). Many of them have not come back and I feel that after this Covid crisis many young ones will migrate again.
1 year ago and we havent lost more population that we have gained. The problem lies with very well prepared individuals, thats were we are still losing population. Brain drain is a problem, i think it will be turn in this decade, if the growth in the tech sector continues as is doing today (in Spain) Time will tell, but im 25 and i dont see he future so dark.
@@joaquincimas1707 Would the digital nomad visa approved recently bring in people with money to spend in Spain and boost its economy? May be it could also open up the country for startups who think the US and other countries are too expensive? Anyway, where do most Spaniards go these days for jobs? Edit: What about becoming an outsourcing hub like China, Philippines and India are to Asia?
You are forgetting Spain has one of the smallest national population living abroad and that the inmigrants are more than the expats... And that Catalonia won't go away from Spain, as the nationalist movement had lost important part of its power last years, if they weren't able to be independent before, they won't in a near future.
Possible secession? That's a lie. It's literally impossible for Catalonia to leave Spain, that's a lie that's actually leaving them with a breathtaking situation as lots of companies are moving to Madrid. I am also one of the young people that moved outside Spain around 2008 but I came back in 2014, here u live much better than in most of the countries aut there.
Is it just me, or he forgot to put Spain on the international leaderboard? I am particularly curious about that, I have been living in Madrid for the past 4 years, and I totally agree with the his analysis, though I have also seen massive foreign investments over the past 20 months or so, especially in IT, and on the other hand the government struggling to keep public hospitals and centros de salud open
The engineering education in spanish university is quite good(hard) , as ppl tends to take 5, 6 or even more years to get a bachelor degree. If you graduate from UPM, UPC, UPV or any other university with any engineering major, then you will get a solid base for your job. The biggest question is that the compensation for your hard working in uni doesn't exist. The employment rate is so low that you can not find a job where your skill would be valued. That's the reason why so many spanish engineer move to other country.
I am graduated from a relatively Unknown university from Catalonia (URV) which suports the petrochemical industry at Tarragona. The quality of our knowledge has nothing to envy to other great educational centres but, as stated on your comment the compensation is far from good. I know that with the years and senior Roles pay will increase but this doesn't makes up for the underpayment we suffer in our 20's and early 30's. From the Nuclear consulting sector wich I've been involved it means around 25k after taxes which, athough over the median does not compensated having to start to work at around 25 after achieving a master's
Sooo many many middle-class and lower-class people have been struggling for sooo many years in spain. It's hard to see from all those gorgeous aerial drone shots.
That's what I was thinking, I've been to most of these places and I don't remember feeling this lightness which is shown here. Spain has been stolen. Such a beautiful country with probably the best people around.. What a shame
Spanish people have been living in what they call crisis for years. They still go out for beers three times a week. I'll believe a drone shot over the complaints of a Spanish person.
@@ignazioacerenza9881 alcoholic minimum wage employees also go out for drinks 3 times a week, mostly to cope with the stress if struggling. That doesn't mean anything. Then again, it's much easier to ignore problem when it's obscured by a facade of success.
@@pennyforyourthots My point was that what is considered a crisis by Spanish people is a joke compared to what southamericans africans and middle-easterns endure. I have to listen to people complain about not being able to buy a second car while in my country, not twenty years ago, people were jumping off the balconies because their life savings were gone overnight. That was my point.
@@ignazioacerenza9881 Suppose you were to go to a police station to complain about being mugged and police tell you there's someone who has been raped. What's your point? There are failed states in the world, so people shouldn't complain about mismanagement of their countries?
you talking about the ugly towns and comie blocks on seasides which look overbuilt ugly and not appealing to the eye. its ok i wont vist they said tourists are not welcome
Even tho the pandemic hit Spain pretty hard, I think the future will be very kind to this Kingdom, it has everything going for it, it just needs time, I wish it well.
No matter the amount of time you give us, there won't be a bright future in spain as long as we are governed by idiots that perpetuate a false democracy that actively works against the citizens it should be helping out.
Isn't that a quote from Otto von Bismark? "I am firmly convinced that Spain is the strongest country of the world. Century after century trying to destroy herself and still no success“
Spain also destroyed latin America. Siphoned trillions in todays currency for centuries and left those countries broken and in absolute turmoil. Spaniards are not very much loved in America, because they have not shed their colonial mentality.
@@Teporame Another bot saying lies. Spain built Latin America, all the infrastructures, everything. When they left, they left a very rich world power, it is your fault for having made it a third world. If you have something, it is thanks to the Spanish
@@Teporame ??? Sabes que 0.1 es mayor que 0 ¿verdad? cuando España llego no había nada salvo unos imperio extremadamente anticuados en comparación y España los modernizó, decir que España destrozó latino américa es simplemente estúpido, tu queja es simplemente que cuando España se fue no erais mágicamente la primera potencia mundial, aunque en teoría dejo unos estados bastante normales para los estándares de la época, ni ricos ni pobres. 200 años más tarde y sois 3er mundistas y cualquier pais de latinoamerica que llego a ser rico decidió destruir su riqueza, no eches la culpa a España de vuestro fracaso.
15:16 that graph is pretty misleading. One of the vertical axies starts from 0, the other doesn't. At first glance it looks like the money supply of both currencies increased by about the same factor. But the USD has more than quadripled, while the EUR is a bit more than doubled.
to be fair, his claim of usd supply growing faster is still true. but as @Get Crepuscular already said, a better graph would've prove his point even more
@ At least you did better containing the virus than us Spaniards... So similar Spain and Portugal, corrupt politicians all the way to the top, excellent cuisine, always below their potential, and yet I feel bad the former ignores the latter, no wonder they have closer ties to the UK.
We're not that bad either; Spain is the 12th richest country in the world with respect to its economic wealth, its citizens are the 13 richest in the world (median net wealth per inhabitant, 2018) surpassing the US and Germany and having reached 3rd in early century, more development (HDI) than France, exports more than England (395 B € vs 397 B $), with the 18th largest army (2021), has the 7 best infrastructure system and the lowest emigration in Europe, being the 10th with more immigration in the world, all with one of the best quality of life in the world
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Spain and Portugal have beautiful places, absolutely.
One of the biggest handicaps of Spain´s economy is "chorizos"; not the delicious meaty ones that you eat but the ones in the congress and the government.
Spaniard here. The corruption in government here is VASTLY blown out of proportion. The real problem lies within the businessmen and the workers themselves, not to mention the real trademark of our country "La Picaresca" (look it up) which contaminates every-single-aspect of our lives and is, honestly, the cancer of this country.
@@Angel_EU34 This attitude is also a hallmark of a large swath of Italian society as well - it's closely linked to the problems the government has with tax enforcement and collection.
I share your videos with my kid brother who's just taking up economics in 11th standard. And he's already in love with it ! Thanks alot for unknowingly inspiring so many !
I hear, see, read so many negative comments about Spain and it's precarious economic situation, But you know what...? I have lived here for 17 years now and have to say that Yes, there are problems here of course...., just as there are everywhere else in the world.. The difference is that here folks do not fret daily over the situation, they just accept it, make the best of it and carry on with life. It is absolutely pointless in worrying ceaselessly over things which we personally not control, just be aware of them, make the best of the situation and carry on living in which is still, after all a pretty good standard and way of living here..!
Spain is a very unfriendly business country. I live and work here as a freelancer, the tax system is very high (not as high as countries like Germany or Switzerland) but still. Living in Spain mean paying taxes on your worldwide income, and if you want to open and run a company it is very difficult and very costly. I think if they were a lot more business friendly they could balance out their economy and be less tourist oriented, it would attract tons of people too because even in these circumstances it attracts people.
The tax system is actually higher in Spain than in Switzerland, Switzerland leads all Europe in % of the benefits that the habitant keep after paying the taxes. Even with that, Spain still is in the hight part of that list. But with the primal difference of that because the over regulation on the private sector the salarys are anywhere near to other European countries, and years ago of a countries like Switzerland
@@burgendefadrik1909 In whole Switzerland taxes are quite low in comparation man, the % of the benefits that the medium habitant keep after paying taxes is the higher in Europe
One thing that holds back the Spanish economy, which you haven't mentioned is that, as I understand it, all self-employed people in Spain are required to pay €285 per month in social security contributions. This punitive 'tax' is a huge barrier to business creation at the micro level and also encourages the black economy.
Over regulation of the labour market is something asked specifically by the Spanish voters themselves. As long as their education in economics is bad, they will continue to demand unrealistic and damaging politics from the government. The Spanish government is under pressure and sometimes in order to guarantee political stability, read to maintain a four year term mandate, they succumb to the unreasonable demands of the many uneducated voters.
It’s not just a social security contribution, it also buys the autónomo and their family healthcare, plus parental leave, unemployment, etc. These are niceties that a freelancer in the US could only dream about when they’re just getting started, because they would cost so much money. (Particularly the health insurance!) The amount paid also varies based on the age of the autónomo and how long they’ve been in business. It starts at €60/mo, which is a pretty low price to pay for all those benefits. It takes two years to get to the full €300/mo. It’s supposed to be reformed soon to make it cheaper or costlier depending on earnings. Who knows when though.
@@shinyshinythings Thank you for the detailed answer. What happens if you have a hobby-cum-business? For example I sometimes earn a modest amount of royalties from song-writing. There are periods when I earn nothing at all. How would the Spanish system work for someone like me? By the way Performing Rights Societies routinely report royalties to the tax authorities, at least they do in the UK and US and I imagine it's the same in Spain, so not declaring the income isn't an option even if it might be a temptation.
@@davidcufc You will pay as much as anyone, that's all, the thing is that without paying that tax you can work, but you can't make bills because you are not an "autónomo" so you theorically can't receive any money from other people because your service is not legal
This channel has a strange fixation for predicting catastrophic consequences for the Spanish economy. A year has passed since the publication of this video and Spain economy is one of the strongest in the EU, controlling the inflation and creating more job positions than ever.
Love visiting Spain and hope see it again when pandemic ends. The next fews years are going to continue being terbutaline for a lot of countries but I do see Spain coming out of it. I am more worried about Italy being the next country in the Eurozone to have a major financial crisis.
@@michaelmccarthy9411 yeah probably an autocorrect thing because terbutaline means: "a synthetic compound with bronchodilator properties, used especially in the treatment of asthma" Maybe he meant something else like *turbulent* (Roto Coach's comment pointed that out)
I think we, spaniards, already are suffering a major crisis although diluted within inflation and generational problems. For youngsters is extremely difficult to be financial independent of our parents.
12:50 Oh, I know about those people. I'm one of them! You say that highly skilled people leave the country and that's a negative outcome. But on the other hand, there is very little employment in that sector due to Spain's fixation on tourism. So the alternative to leave is to stay with very bad working conditions in high skill jobs, or even worse, fighting for the low-skill jobs with even more competition. In a way, I'm doing a small service to my country by leaving and prosper. Maybe later I can get back with money and experience to help it more efectively.
Fully support your logic. Figuratively speaking, if your country is so messed up that it does not care about losing you, then why should you care about it? As you said, you can choose to return later, but why suffer in the meantime?
@@Flamdring well, I'm not really a heartfelt patriot. I suffer for my friends and family that have to deal with such a missmanaged country. And it also saddens me to see how an amazing place, with so many possibilities and potential, is wasted due to our politicians. Also, a part of me wishes I never had to leave in the first place.
Pues es curioso, porque hace cierto tiempo encontré unas estadísticas en las que mostraban que, entre los europeos que emigraban a otros países europeos, los españoles eran unos de los más propensos en volver a su país después de un período de tiempo en otro país
A friend of mine moved to spain. He has a high skilled job and earns 1.200 Euro. In Germany it would be more like 3.000 Euro (he is 30). The reason for his decision is that spain is so beautiful. It's an interesting decision that makes sense when you are money independent.
Not a good prediction I guess. Not only it's the country that it's growing more, but the main investing country in the Eurozone right now. Madrid is attracting investors like honey to bees. I see a good future for Spain.
i remember being in spain a few years ago in the south and hearing the horror stories of their economy. One of our tour guides said the government couldn't even make good on deals they made with investors.
@@donalvdonalv1455 oh so after 30 years of dictature , which people in Spain still go to mourn, everybody went on the left. It's not due to the rightists government that made awful PPP or the fact that there is an issue with Spanish companies that never really wanted to go global. Ah oki, it's the left
6:19 need to update this bit of historical information. Separatist/nationalist movements in Catalonia, the Basque region, and Galicia precede Franco's dictatorship, and the Civil War. Also, the alleged concentration of power you mention had precious little to do with the that armed conflict. The Spanish Civil war was not an armed conflict between regions.
He means that the current decentralized/autonomic system dates from the end of the dictatorship. As in the dictatorship years Spain was a centralized system. Before that it wasn't as segmented as today. Ex Castille, Madrid, Andalucia and Murcia weren't as different administratively as Castille and Catalonia.
As a Spaniard myself I can tell you that you completely ruled out the political side of things for this video, which is the main driver for the downfall of Spain economically. Much of the information is right, but because of the complexity of the politics in Spain, there is not much room for future growth.
The political problem isn't but a symptom. We genuinelly have the best of our own in power, problem is, our best aren't even close to be as good as the worst of any of our neighbours, including Portugal and Morocco. We can blame politicians all day, but the problem is us. We suck.
@@TheBayzent When it results from policies, then yes, the political part is the problem. The housing/real estate bubble came from there. Tho the problem is us the citizens, or well, those who vote people that act on their own interests... specially that one with the catchy jingle.
The point about “regions in Spain being run by Presidents” as an example of the level of separate identity between regions is a bit misleading. The title of the Spanish government’s head is “President of the Government” (equivalent to a prime minister). This style (President of some organization, instead of President of Spain or President of some region) continues at the regional level. For example, in Andalucía, it’s regional head of government is “President of the Junta of Andalucía”. Basically, “President of (local government entity)” is a stylistic tradition in Spain at all levels of government, not a sign of separation.
Indeed, Spain had the very first largest colonial empire in the world about 500-400 years ago. While the empire is long gone, it's effects on the world persist, given how Spanish is the world's second most spoken language.
Spanish here. I dont feel bad. Me and my closest people have access to a quality of good and a quality of Life that i havent seen anywhere and i have been in almost allí european countries. We sure have many issues take care of, as any other Big relevant country
Don’t feel bad mate, you will come through this. Much love from the uk, hope to visit your beautiful country soon, with my son who is learning Spanish.
@Michelle Not really. Most europeans come to spain when they are old to retire. Here with a good ammount of money you live way better. Its a matter of climate. Sun, beaches, good weather, clean skies, and also all sort of modern infraestructures. In Nordic countries you have ice, dark skies, cold, etc.
My oldest daughter(26) has been living in Spain since graduating college 3-4 years ago, she loves it and the people. I going to visit in a couple of weeks. She lives in Barcelona. Will spend my time there and in Southern Spain in the Andalusia area Granada! Sevilla, and Cadiz!!
The greatest problem of Spain really lies on its dependence on tourism to save us every year, but not being able to derive that money onto more stable ways of sustaining a country. Its a pity we have resorted to make our country somewhat of a vacation state.
Unemployment in Andalucia is 22.5% and youth unemployment is 49.5%. These rates are common across Spain. That's going to cause long term scarring as a significant minority of the population will go through life without ever working.
There needs to be 3 leaderboards. 1.) small economy (50k-1million population) 2.) midsize economy (1million -25 million population 3.) large economy (25 million+)
I just moved here to Spain in February for retirement. The prices for everything except for the basics like food are crazy. The bureaucracy is a nightmare. They just boosted electricity prices. They are planning to put tolls on all highways. And drop speed limits on the secondary roads so that people won't flee to them to avoid the tolls. I want to find a different country in Europe to relocate to, but my wife, who doesn't have to deal with anything official or pay bills other than food wants to stay.
If you think Spain is a burocracy nightmare, wait to see Germany where i am living now. They took TWO YEARS to give my taxes money back, and I have to say that taxes are quite quite high. Here the realstate market is also a nightmare and prices are quite high... so good luck.
Good video. There is an interesting paradox on Spanish economy. It's true that Franco had fully centralized Government but precisely because of that he opened industries strategically in certain areas such as Basque country and Barcelona, which were very successful during the "Spanish miracle" period. However, nowadays, despite being a federation de facto as you say, we see a common trend for big companies to set their business in Madrid. It's becoming more and more difficult to compete against Madrid. There are some exceptions, like Malaga which is specializing in the IT area, but other than that it seems Spain is becoming more and more Madrid-centric. Not a Madrid hater though, they seem to manage the economy better.
The economy of Finland is a highly industrialised, mixed economy with a per capita output similar to that of other western European economies such as France, Germany and the United Kingdom. The largest sector of Finland's economy is services at 72.7 percent, followed by manufacturing and refining at 31.4 percent
In Spanish , you may hear that Spain is a “estado cuasi-federal” , it just means it’s a “quasi”-federal or “kinda but not exactly” a federal state, with the Autonomous Communities or state regions choosing which things they want to run themselves, and which things they want run by the central government.
Great video. One major benefit of the federated model in the US has been the ability of citizens to relocate the the economic system most suitable to their needs. Have an in-demand tech degree? California awaits. Financial whiz? You'll love New York. And because of this, whatever the current global economy needs, there's likely a state that has chosen that economic model or something close to it. Yes we end up paying more in relocation incentives, but the presence of meaningful choice forces the states' economies to adapt faster or face population outflow.
The problem, for me, with a lot of countries in the EU it's that their economic systems is so tied to the political problems that if you focus only on the economic or industrial (turism, etc.) part, it's difficult to understand all the future problems we will face in Spain :( Covid, climatic change, immigration and all of that aside.
@@depth386 Meh, it's not like we had any other options 20,30,50 years ago. Today you can have reserve in Yen or Euro too if you want valid, strong currencies. Also China is offloading their US based debt by a crazy rate. Technically the US have to pay back 'less' because the amounts stay the same but buying power is less, so it's good for the US. But if they offloading and the rest of the world also than the US is in deeeep sheit.
It was a shame you said so little about Spain's multinationals. Zara is the obvious example, but you could also have talked about Talgo and CAF. I understand that when bids for the Haramain rolling stock were being considered, Talgo's bid was technically competitive with other bids, but vastly cheaper.
imagine if he chosed portugal... an even more desperate economy. não, a sério, muito mais desesperada. comparado connosco a espanha é uma super economia ultradesenvolvida. agradeçam ao socialismo.
love these countries' economies explaining videos. The only thing I feel bad about is that one day EE would run out of countries to make videos of their economics.
So glad to see my country covered, man. Thank you! I just hope the economic model of Spain can changed a little bit from tourism to a more sustainable one, because it is becoming a huge issue to rely so much on it.
Yeah, but National economies are dynamic (always in flux), where National geographies are static. So each Countries economy video would have to be updated regularly.
Ok built in China then brought to another part of the globe is a bit extreme, but here in the US we have manufactured homes which are a massive thing and basically are just pre existing designs built in a part of the country where it's cheap to do so and shipped to where it's demanded
No te voy a negar que Venezuela está peor. Pero ojito con España que se está convirtiendo en la actual Argentina y no es broma. Digo actual Argentina, porque Argentina tiene pinta de volverse la igual a la actual Venezuela o a la Venezuela de hace unos pocos años.
somos 2 yo pensando que bueno si logro salir voy un par de años y pasaporte europeo y adiós maldito saime ya después si veo mal las cosas bueno ya podre ir a otro lado sin tanto problema,aunque a mi me gusta mucho el país.
I feel like the comments below are exaggerating quite a bit. Spain will not become Argentina, nor Venezuela. It's basically where Brits and Germans spend their vacation and because of simple geography, as soon as covid's over that will return Spain to its baseline of a mediocre yet reliable economy. Covid hit Spain hard but the beaches are still there.
@@strausan as I said Spain needs reforms now, Spain it's a great country with a lot of culture and first world's infrastucture with economic reforms the country will improve.
@@robymaru03 yeah because the Spanish and the Aboriginal people of Australia are so similar... You do realise, the only reason Spain didn't rule 80% of the world, is because they couldn't beat the English, not that they had some moral opposition to what we did. Ps I'm not an apologist for things I didn't do, but I do acknowledge they were horrors of the past, and all nations have them.
That sounds a lot like saying, "Many of us will die, but a few will slip through to escape death, and maybe continue to produce enough offspring so that we don't go extinct."
@@adambuss654 The reason why Spain didn't ruled the world has barely anything to do with the British. Spain was the major power of Europe between 1492 and 1643, this being the discovery of America and the last battle of the Tercios, the Battle of Rocroi. In the Americas, Spain continued to be the major power till the end of the 18th Century. The British Empire started to be a major power in 1750s, when Spain was doing pretty bad and some decades later would lost their empire. So, it has nothing to do with the UK, because the major opposition power of Spain during their prime was France, mainly in the 17th Century. In the 16th Century, oh boy, you did not want to be against one of those Tercios.
My statistics instructor taught me to be wary of charts, graphs and tables. They can be easily manipulated to misrepresent reality. He summed it up with this statement “Figures don’t lie but liars can figure”.
12:29 Caveats: there were 2 categories of banking institutions: large private banks (which had reserves that allowed them to survive 2008), and hybrid credit unions semi-controlled by regional governments and corrupt politicians sitting in their boards of "misdirectors': these had to be bailed out massively due to the toxic amounts of bad assets and bad debt they had accumulated in the construction frenzy. Spain made it through the 2008 crash, largely due to the European Central Bank lending money to the unscathed large private banks (Santader and BBVA), so these could in turn purchase Spanish Government bonds in large quantities. The Spanish economy was thus buttressed by a stealth indirect bailout from the ECB. Now the downfall of Spain will likely be the colossal deficit of its public pension system. Stay tuned!
The video was really good, but it missed what I think is the most important thing thats pulling the economy back, which is the labour market. As a young spaniard I believe that so much regulations and overprotection of the workers has lead to the huge unemployment rates we now suffer in Spain. There will be no real change in the economy until this problem is fixed
Pedro. Take me back to before 1993 when it was 500 pts for a menu del dia. You are now paying for the money thrown at you by Brussels. They were always planning to collect their pound of flesh. Trying to open any sort of company is like trying to climb a very big wall.
Over regulation of the labour market is something asked specifically by the Spanish voters themselves. As long as their education in economics is bad, they will continue to demand unrealistic and damaging politics from the government. The Spanish government is under pressure and sometimes in order to guarantee political stability, read to maintain a four year term mandate, they succumb to the unreasonable demands of the many uneducated voters.
This. So much this. I'm from Portugal and I remember being like 14 and listening on the news that Portugal had really inflexible and protective laws regarding workers. One line that stuck with me was that "it's much easier to fire someone in Germany than in Portugal". I thought "That's gotta be bad for Germans, right?" (we can replace Germany with any country north of Italy here). Then, how come germans are so rich? How come people emigrate from Portugal to countries where it's easier to get fired? How come we keep hearing about protecting workers rights even more, while these rich countries don't even talk about this (as far as I know)? Now, roughly 10 years later, I know the answer. And it is that basically, politicians have no idea what they are doing. They are just good at making it look like they do. In truth, all they care about is power first, and ideology second (ideology is usually method to achieve power). Our politicians (Spain and Portugal )are left-wing, because our dictatorships were right-wing, and so our politicians will do left-wing things. It just so happens that the left-wing way of solving unemployment (and of improving the economy in general) is terrible. Which is why countries like Estonia, which entered the EU in 2004, has already surpassed Portugal in GDP per Capita and will soon also surpass Spain. This problem will only be solved once the trauma of the dictatorships disappears, and we can actually start voting for people that can solve problems, instead of pretending to solve them. In a positive note, it seems like that time will be coming still during this decade.
Luckily for us Canadians, the US has a large obligation to help us. The US economy will help us bounce back because we are a close ally to them, and our defensive installments that store US nukes means that if we go belly up, then US defense takes a hit. The US won't let our debt do to much to the economy. No doubt it will be bad either way but we are set up to be able to recover.
Canada, Australia, New Zealand etc. all seem to be aiming to build economies based on selling houses to each other at rapidly increasing prices. Lower interest rates might be the cure for all of our economic problems? 🤔
Speaking of Spain, in the Basque country, there is the Mondragon corporation, a pretty unique and rather big cooperative. I've only been able to find promotional or rather propaganda material on it. It would be great if you could take a look at it with a more balanced perspective.
Mondragon is losing shine for several years. They have this decentralized ownership concept, where the workers are the owners of the corporation. They lost competitiveness over the years in many of their portfolios, because they are not able to relocate factories for cheaper labor. Theh have yet a good r+d an IP ownership, but their economies are switching and looking to get rid of some of their brands, which is difficult since the owners are the workers and demand higher salaries. Still profitable on the last rwport
¿Balanced perspective? No of course, this is an Anglo talking about Spain. It is much better to denigrate it, why not'? All the Spaniards will look down to the floor and accept all the insults.
@@jonayz8655 , this is something I never understood when I lived in Spain. People bash Spain, the Spanish accept it because they themselves bash it. The same is seen in Belgium. Why bash your own country so much instead of working to improve it? And by working I do not mean necessarily accepting the will of the elite. Spain has a lot of talent and potential, but the seemingly complete disillusion with the country and their own people makes it really hard for anything to work well. People accept the fact that they are being cheated by their fellow citizens, they accept when someone tells them to wait when they can do things quicker, they accept when they are paid low salaries when it is illegal to do so, and so on.
@@Flamdring Not everyone bashes it. It's just part of the black-legend propaganda since the times of the Spanish Empire when anglofrench propaganda invented lies against the Empire, to the point of funding Simon Bolivar to split it into the US banana republics now known as "latinoamerica". Also London and Washington profit greatly from having first class seats as a part of the Zi0nist proxy warlords. The US even aligns with Morocco now that they recognized Israel as a state in return. Look at what happened recently in the border. Mohammad VI sent people, including kids, flocking into the sea to invade Ceuta as blackmail. They use migration as ammo. Absolutely 0 words by Biden. Nothing was addressed. Same with Trump. Morocco is a bigger ally for them than Spain which is the south gates of Europe. I even saw the other day Tucker Carlson attacking Spain to explain how Mexicans come to the borders. "They stole their gold!" he claimed. It's all a big joke.
Im from Spain 🇪🇸 and the main problems here are: 1 Too many regulations and burocracy for new business and employers 2 An inelastic market labor exemple( minimum wage too hige and taxes+regulations are too bad. That causes a great structural unemployment (young 50% and general 15/17% 3 Public debt (120%) and a huge deficit rn 8/9% 4 Our SS system is fucked and the pensions are unsusteinable
@@licheong "socialism" doesn't even have a precise definition, it means different things in different countries and to different people. Spain definitely doesn't have a socialist economy, in fact it even privatized a lot of big national industries and state monopolies in the 80s and 90s, with the "Spanish Socialist Worker's Party" in the government. Right now our SS system needs reforms and will become a huge issue unless our economy grows by a lot in a few years, but it's mainly due to demographics. I don't agree that our minimum wage is too high, it's on the low side of things given the current cost of living. Plenty of business can make a lot of money paying that minimum wage. Minimum wage is an ongoing debate in Spain, it's not at all settled. France has more of what I guess you're calling "socialism": higher minimum wages, big state-owned profitable enterprises, strict worker protection laws... yet its economy is way more robust than Spain's, and its SS system is also more sustainable even when its pensions are better and people retire earlier. "Socialism bad" is too simplistic an explanation.
@@paubakero Good job, blaming Spain's problems on the minimum wage islike blaming my unused treadmill for my obesity, it could actually help if I used it correctly but alas, it's just there to remind me that I don't use it and my fat (the rich) grows as my muscles (the working people) die of
@@paubakero he's just the average American, force fed so much propaganda that he has a seizure whenever someone else's words trigger his "socialism" alarm. Can't blame him, can pity him at best.
At 5:30 you seem to equate *high taxes and high debt* with "the most sustainable form of government". 🙄 Also people and companies are not leaving California only for the taxes.
I have probably asked this before, but could you make an episode where you take the countries you reviewed before you came up with the leaderboard, and place them on the leaderboard?
Just 2 comments: 1) the regions are responsible of health, social services and education, which means they have some room, but not much as most of their budgets are allocated to these basic services, to guide economic policies of their own: the central government policies still have much wider impact. 2) the video is from a year ago, but, on the contrary of the 2008 crisis, this time the EC has pushed for an economic expansion (which has certainly been good for Spain) at least until the inflation jumped in. Spain's GDP grows and the unemployment rate, although still strange, is somewhat converging to EU standards after regulation changes. And all this is probably due to our "virtual" independence of russian gas, but we'll see where all this goes.
Special thanks to Trends for making this episode possible.
Join Trends today and get your first week for just $1! 👉 trends.co/ee
I am from Spain xdddd
Alright, I said this last time and I’ll say it again, that M1 money supply graph is incredibly misleading. Most of that change was due to a change in accounting at the US fed for M1. The M2 money supply is a much more accurate measurement of the coronavirus change in money supply. I hope you can see this Mr Australian economics man.
pls do economy of poland
you forgot to mention the eu recovery fund tho. spain will get quite a lot of money from that one...
How about we get a video about that M1 money supply chart but for a US outlook?
This man single handedly rescues the entire stock footage industry.
The Economics of Stock Footage? 😂 In case you were interested ... we use Storyblocks for all of our visuals (videoblocks.go2cloud.org/SHI9 ...when you sign up with our link, you'll also be supporting our channel!) ❤️ Thanks for watching the show Harsh!
😅🤟
@@EconomicsExplained The problem is that video imagery is very powerful. Stock content may be cost-effective, but you are talking about the potential dichotomies that Spain encounters in it's economy and your video content sends a message that is at odds with your audio message. The place looks just loaded with money! You might want to include some video content that shows the harsher side of living in the Spanish economy. Even when you talked about the massive increase in unemployment in the late 80s your video content wasn't that harsh, just some people walking about. Most of your video shows the wonderful weather in Spain against a backdrop of historic buildings with a nice bit of blue sea thrown in. It gave me the visual impression that there is nothing to worry about and that undervalues your audio content.
I’m more exercised by the dangling participles in the script. #AnalsUnited ;-D
:D my thought as well! Well used, though.
Spaniard here. I'd like to point out that apart from political instability (possible Catalonia secession) you have not covered that we have one of the eldest populations in the world. Many young people during the 2008 crisis moved to other countries for employment (such as myself to Australia). Many of them have not come back and I feel that after this Covid crisis many young ones will migrate again.
1 year ago and we havent lost more population that we have gained.
The problem lies with very well prepared individuals, thats were we are still losing population.
Brain drain is a problem, i think it will be turn in this decade, if the growth in the tech sector continues as is doing today (in Spain)
Time will tell, but im 25 and i dont see he future so dark.
@@joaquincimas1707 Would the digital nomad visa approved recently bring in people with money to spend in Spain and boost its economy? May be it could also open up the country for startups who think the US and other countries are too expensive? Anyway, where do most Spaniards go these days for jobs? Edit: What about becoming an outsourcing hub like China, Philippines and India are to Asia?
You are forgetting Spain has one of the smallest national population living abroad and that the inmigrants are more than the expats...
And that Catalonia won't go away from Spain, as the nationalist movement had lost important part of its power last years, if they weren't able to be independent before, they won't in a near future.
@@joaquincimas1707 with artificial intelligence taking over tech jobs, what is the future of Spain?
Possible secession? That's a lie. It's literally impossible for Catalonia to leave Spain, that's a lie that's actually leaving them with a breathtaking situation as lots of companies are moving to Madrid. I am also one of the young people that moved outside Spain around 2008 but I came back in 2014, here u live much better than in most of the countries aut there.
Please continue this series for every country.
I second that
He should do Lebanon as well and how the port explosion affected the economy
And more for individual states in federally-structured countries.
But what about the leaderboard?
Is it just me, or he forgot to put Spain on the international leaderboard? I am particularly curious about that, I have been living in Madrid for the past 4 years, and I totally agree with the his analysis, though I have also seen massive foreign investments over the past 20 months or so, especially in IT, and on the other hand the government struggling to keep public hospitals and centros de salud open
The engineering education in spanish university is quite good(hard) , as ppl tends to take 5, 6 or even more years to get a bachelor degree. If you graduate from UPM, UPC, UPV or any other university with any engineering major, then you will get a solid base for your job. The biggest question is that the compensation for your hard working in uni doesn't exist. The employment rate is so low that you can not find a job where your skill would be valued. That's the reason why so many spanish engineer move to other country.
Yes, thats exactly it
I am graduated from a relatively Unknown university from Catalonia (URV) which suports the petrochemical industry at Tarragona. The quality of our knowledge has nothing to envy to other great educational centres but, as stated on your comment the compensation is far from good. I know that with the years and senior Roles pay will increase but this doesn't makes up for the underpayment we suffer in our 20's and early 30's. From the Nuclear consulting sector wich I've been involved it means around 25k after taxes which, athough over the median does not compensated having to start to work at around 25 after achieving a master's
Sooo many many middle-class and lower-class people have been struggling for sooo many years in spain. It's hard to see from all those gorgeous aerial drone shots.
That's what I was thinking, I've been to most of these places and I don't remember feeling this lightness which is shown here. Spain has been stolen. Such a beautiful country with probably the best people around.. What a shame
Spanish people have been living in what they call crisis for years. They still go out for beers three times a week. I'll believe a drone shot over the complaints of a Spanish person.
@@ignazioacerenza9881 alcoholic minimum wage employees also go out for drinks 3 times a week, mostly to cope with the stress if struggling. That doesn't mean anything.
Then again, it's much easier to ignore problem when it's obscured by a facade of success.
@@pennyforyourthots My point was that what is considered a crisis by Spanish people is a joke compared to what southamericans africans and middle-easterns endure. I have to listen to people complain about not being able to buy a second car while in my country, not twenty years ago, people were jumping off the balconies because their life savings were gone overnight. That was my point.
@@ignazioacerenza9881 Suppose you were to go to a police station to complain about being mugged and police tell you there's someone who has been raped.
What's your point?
There are failed states in the world, so people shouldn't complain about mismanagement of their countries?
The sceneries in Spain are truly breathtaking...
I shouldn’t laugh but..🥴🤣🤣🤣
@@totalnewb123 I hate to dish out the "but" 😂
@Drom Assault I have sick sense of humor. Pay no mind.
You are welcome to come enjoy them!!! (and we need your money please come 😅)
you talking about the ugly towns and comie blocks on seasides which look overbuilt ugly and not appealing to the eye. its ok i wont vist they said tourists are not welcome
"A huge waste of time at best; or a huge waste of money at worst." Definitely sounds like an economist. :)
And a perfect sentence to describe life in Spain.
😂
but I thought time was money anyways
Considering the fact that time is money
That statement is redundant
@@mcseedat my thoughts exactly
Even tho the pandemic hit Spain pretty hard, I think the future will be very kind to this Kingdom, it has everything going for it, it just needs time, I wish it well.
It doesn't really work like that
If social-comunist dont govern
No matter the amount of time you give us, there won't be a bright future in spain as long as we are governed by idiots that perpetuate a false democracy that actively works against the citizens it should be helping out.
“Spain should probably be the strongest nation on Earth, always destroying itself and coming back”
Von Bismark
Isn't that a quote from Otto von Bismark?
"I am firmly convinced that Spain is the strongest country of the world. Century after century trying to destroy herself and still no success“
This is fake
Spain also destroyed latin America. Siphoned trillions in todays currency for centuries and left those countries broken and in absolute turmoil. Spaniards are not very much loved in America, because they have not shed their colonial mentality.
@@Teporame Another bot saying lies. Spain built Latin America, all the infrastructures, everything. When they left, they left a very rich world power, it is your fault for having made it a third world. If you have something, it is thanks to the Spanish
@@Teporame ??? Sabes que 0.1 es mayor que 0 ¿verdad? cuando España llego no había nada salvo unos imperio extremadamente anticuados en comparación y España los modernizó, decir que España destrozó latino américa es simplemente estúpido, tu queja es simplemente que cuando España se fue no erais mágicamente la primera potencia mundial, aunque en teoría dejo unos estados bastante normales para los estándares de la época, ni ricos ni pobres. 200 años más tarde y sois 3er mundistas y cualquier pais de latinoamerica que llego a ser rico decidió destruir su riqueza, no eches la culpa a España de vuestro fracaso.
15:16 that graph is pretty misleading. One of the vertical axies starts from 0, the other doesn't. At first glance it looks like the money supply of both currencies increased by about the same factor. But the USD has more than quadripled, while the EUR is a bit more than doubled.
And I think they even changed the definition of M1 in the US. So, the graph doesnt reflect reality?
It's funny because a more competent graph would just prove his point of the euro supply growing slower than the dollar
quadripled?
Graphic shitfuckery should not be a feature imo... it's a shame really
to be fair, his claim of usd supply growing faster is still true. but as @Get Crepuscular already said, a better graph would've prove his point even more
The economy of pain
See what ya did there.
The economy of bread?
@Flavia Canut-Broadviller Gibraltar is Spain. Also, just a tip that would help you british “people”, brush your teeth!!
Spaniards arent cool. Said by a British😂😂😂
British jokes are sometimes good, actually.
@Flavia Canut-Broadviller Hey Brit isn't it time for your people to drink and pass out on the beach?
EE: "I don't feel like talking about another impending crisis, this week."
Also EE: _Makes a video about Spain_
Without the S
At least it's not Portugal... Trust on this one. We're way, way, worse...
@ At least you did better containing the virus than us Spaniards... So similar Spain and Portugal, corrupt politicians all the way to the top, excellent cuisine, always below their potential, and yet I feel bad the former ignores the latter, no wonder they have closer ties to the UK.
@@nicolasmoreno9442 Portugal is worse than us with the virus
@ Not really sure if it is worse, for example, unemployment is much lower in Portugal
We're not that bad either; Spain is the 12th richest country in the world with respect to its economic wealth, its citizens are the 13 richest in the world (median net wealth per inhabitant, 2018) surpassing the US and Germany and having reached 3rd in early century, more development (HDI) than France, exports more than England (395 B € vs 397 B $), with the 18th largest army (2021), has the 7 best infrastructure system and the lowest emigration in Europe, being the 10th with more immigration in the world, all with one of the best quality of life in the world
Spain and Portugal have beautiful places, absolutely.
Todos os países tem lugares bonitos lol
The series that made EE great 😊
FAKE NEWS.
@@joaoalbertodosanjosgomes1536 o quê?
The only series that made EE great 😊
One of the biggest handicaps of Spain´s economy is "chorizos"; not the delicious meaty ones that you eat but the ones in the congress and the government.
Spaniard here. The corruption in government here is VASTLY blown out of proportion. The real problem lies within the businessmen and the workers themselves, not to mention the real trademark of our country "La Picaresca" (look it up) which contaminates every-single-aspect of our lives and is, honestly, the cancer of this country.
@@Angel_EU34 Que cantidad de chorradas dicen los cainitas simpre.
@@Angel_EU34 This attitude is also a hallmark of a large swath of Italian society as well - it's closely linked to the problems the government has with tax enforcement and collection.
@@Angel_EU34 wrong
jaja! ♥ que razón tienes
It's soo good to learn about the economy of various countries in this way!!
"This is Pain"
Every Spaniard: "Exactly."
La dolorosa, por favor!
The name is pretty accurate 🙈🤣🤣🤣, unless you have businesses with the government, don't go to spain to make business 🤣🤣🤣
Exactly
Spain without the s
"This is spine"
I share your videos with my kid brother who's just taking up economics in 11th standard. And he's already in love with it !
Thanks alot for unknowingly inspiring so many !
What about the one without the s
Being from Spain this is quite painful to watch, nevertheless great video!
"Cries in russian"
The scenery is beautiful.
*cries in most third world countries*
Do you have an alliance with the Caspian report? :D
Same countries being in focus & I'm not complaining AT ALL
Caspian report is awesome
I was thinking the same. So happy to see my country featured lol
Spanish here an subscribed to both. You can tell I'm getting ready to migrate.
I was confused: for a second I thought the one from Caspian Report was actually from EE.
@Art Man I didn't hear anything about "aggressively" from that video
I hear, see, read so many negative comments about Spain and it's precarious economic situation, But you know what...? I have lived here for 17 years now and have to say that Yes, there are problems here of course...., just as there are everywhere else in the world.. The difference is that here folks do not fret daily over the situation, they just accept it, make the best of it and carry on with life. It is absolutely pointless in worrying ceaselessly over things which we personally not control, just be aware of them, make the best of the situation and carry on living in which is still, after all a pretty good standard and way of living here..!
Spain is a very unfriendly business country. I live and work here as a freelancer, the tax system is very high (not as high as countries like Germany or Switzerland) but still. Living in Spain mean paying taxes on your worldwide income, and if you want to open and run a company it is very difficult and very costly. I think if they were a lot more business friendly they could balance out their economy and be less tourist oriented, it would attract tons of people too because even in these circumstances it attracts people.
@Impersonal Immigrant no thank you
Well, taxes in Switzerland is quite low
The tax system is actually higher in Spain than in Switzerland, Switzerland leads all Europe in % of the benefits that the habitant keep after paying the taxes. Even with that, Spain still is in the hight part of that list. But with the primal difference of that because the over regulation on the private sector the salarys are anywhere near to other European countries, and years ago of a countries like Switzerland
@@burgendefadrik1909 In whole Switzerland taxes are quite low in comparation man, the % of the benefits that the medium habitant keep after paying taxes is the higher in Europe
He said he was going to rank the economy, but did he? I think I must have missed it
I think you're right. Unless I also missed it.
@@DanRoddy the ranking are on the second channel of their's I think.
th-cam.com/video/ek56FVj5_KI/w-d-xo.html 😎
He have posted it here - th-cam.com/video/ek56FVj5_KI/w-d-xo.html
Was about to write it..
Pleaaseeeee make one for Portugal 🥺👉👈
nã
o
o
o
o
o
o
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glup....
Portugal: Europe's bellybutton
@@korinthian7313 portugal is such a beautiful country, ion think its europes bellybutton
Yes please
The supplier of all textile "made in EU"
One thing that holds back the Spanish economy, which you haven't mentioned is that, as I understand it, all self-employed people in Spain are required to pay €285 per month in social security contributions. This punitive 'tax' is a huge barrier to business creation at the micro level and also encourages the black economy.
Over regulation of the labour market is something asked specifically by the Spanish voters themselves. As long as their education in economics is bad, they will continue to demand unrealistic and damaging politics from the government. The Spanish government is under pressure and sometimes in order to guarantee political stability, read to maintain a four year term mandate, they succumb to the unreasonable demands of the many uneducated voters.
It’s not just a social security contribution, it also buys the autónomo and their family healthcare, plus parental leave, unemployment, etc. These are niceties that a freelancer in the US could only dream about when they’re just getting started, because they would cost so much money. (Particularly the health insurance!) The amount paid also varies based on the age of the autónomo and how long they’ve been in business. It starts at €60/mo, which is a pretty low price to pay for all those benefits. It takes two years to get to the full €300/mo. It’s supposed to be reformed soon to make it cheaper or costlier depending on earnings. Who knows when though.
@@shinyshinythings Thank you for the detailed answer. What happens if you have a hobby-cum-business? For example I sometimes earn a modest amount of royalties from song-writing. There are periods when I earn nothing at all. How would the Spanish system work for someone like me? By the way Performing Rights Societies routinely report royalties to the tax authorities, at least they do in the UK and US and I imagine it's the same in Spain, so not declaring the income isn't an option even if it might be a temptation.
@@burgendefadrik1909 Jorge. Muchas gracias por la información.
@@davidcufc You will pay as much as anyone, that's all, the thing is that without paying that tax you can work, but you can't make bills because you are not an "autónomo" so you theorically can't receive any money from other people because your service is not legal
This channel has a strange fixation for predicting catastrophic consequences for the Spanish economy. A year has passed since the publication of this video and Spain economy is one of the strongest in the EU, controlling the inflation and creating more job positions than ever.
Exactly. Aliexpress gurús
where are they creating more job positions? certainly not in malaga. Or better yet...where are the job positions other than in the tourist sector?
Love visiting Spain and hope see it again when pandemic ends.
The next fews years are going to continue being terbutaline for a lot of countries but I do see Spain coming out of it. I am more worried about Italy being the next country in the Eurozone to have a major financial crisis.
What does terbutaline mean?
Probably meant turbulent
@@michaelmccarthy9411 yeah probably an autocorrect thing because terbutaline means:
"a synthetic compound with bronchodilator properties, used especially in the treatment of asthma"
Maybe he meant something else like *turbulent* (Roto Coach's comment pointed that out)
I think we, spaniards, already are suffering a major crisis although diluted within inflation and generational problems. For youngsters is extremely difficult to be financial independent of our parents.
I was literally reading a thread about Youth Unemployment in Spain on reddit when this video popped out of my notifications lol
Do you have a link bro? I am from Spain and I am interested in read that
anyone interested i can simplify as a spanish youth: You dont have work experience? good luck getting it while getting paid or not being enslaved.
@@estaruncix culpa del salario minimo
@@estaruncix Are you over 50 ? You are inappropriate for this job.. Translated to English : Uff, we fear you could demand your legal rights !
@@xaviers7806 bahahaha
12:50
Oh, I know about those people. I'm one of them!
You say that highly skilled people leave the country and that's a negative outcome. But on the other hand, there is very little employment in that sector due to Spain's fixation on tourism. So the alternative to leave is to stay with very bad working conditions in high skill jobs, or even worse, fighting for the low-skill jobs with even more competition.
In a way, I'm doing a small service to my country by leaving and prosper. Maybe later I can get back with money and experience to help it more efectively.
Fully support your logic. Figuratively speaking, if your country is so messed up that it does not care about losing you, then why should you care about it? As you said, you can choose to return later, but why suffer in the meantime?
@@Flamdring well, I'm not really a heartfelt patriot. I suffer for my friends and family that have to deal with such a missmanaged country. And it also saddens me to see how an amazing place, with so many possibilities and potential, is wasted due to our politicians. Also, a part of me wishes I never had to leave in the first place.
@@arkheavyindutries As a fellow spaniard abroad, I couldn’t have said it better
Pues es curioso, porque hace cierto tiempo encontré unas estadísticas en las que mostraban que, entre los europeos que emigraban a otros países europeos, los españoles eran unos de los más propensos en volver a su país después de un período de tiempo en otro país
A friend of mine moved to spain. He has a high skilled job and earns 1.200 Euro. In Germany it would be more like 3.000 Euro (he is 30). The reason for his decision is that spain is so beautiful. It's an interesting decision that makes sense when you are money independent.
Ah yes finally. I was wondering when EE is gonna drop another quality video and here it is. Always looking forward to your videos
Not a good prediction I guess. Not only it's the country that it's growing more, but the main investing country in the Eurozone right now. Madrid is attracting investors like honey to bees. I see a good future for Spain.
i remember being in spain a few years ago in the south and hearing the horror stories of their economy. One of our tour guides said the government couldn't even make good on deals they made with investors.
That's what happens when the socialist party rules for 40 years.
@@gonzalodiaz9326 Toda la razón... Saludos.
@@gonzalodiaz9326 Franco was a know socialist yeah, fascist but completely communist. Bro...
@@Shadowsuit Franco died 46 years ago, don't sell me the same speech as the Spanish left. Bro...
@@donalvdonalv1455 oh so after 30 years of dictature , which people in Spain still go to mourn, everybody went on the left. It's not due to the rightists government that made awful PPP or the fact that there is an issue with Spanish companies that never really wanted to go global. Ah oki, it's the left
6:19 need to update this bit of historical information. Separatist/nationalist movements in Catalonia, the Basque region, and Galicia precede Franco's dictatorship, and the Civil War. Also, the alleged concentration of power you mention had precious little to do with the that armed conflict. The Spanish Civil war was not an armed conflict between regions.
He means that the current decentralized/autonomic system dates from the end of the dictatorship. As in the dictatorship years Spain was a centralized system. Before that it wasn't as segmented as today. Ex Castille, Madrid, Andalucia and Murcia weren't as different administratively as Castille and Catalonia.
Catalonia anarchists right
As a Spaniard myself I can tell you that you completely ruled out the political side of things for this video, which is the main driver for the downfall of Spain economically. Much of the information is right, but because of the complexity of the politics in Spain, there is not much room for future growth.
The political problem isn't but a symptom. We genuinelly have the best of our own in power, problem is, our best aren't even close to be as good as the worst of any of our neighbours, including Portugal and Morocco. We can blame politicians all day, but the problem is us. We suck.
@@TheBayzent When it results from policies, then yes, the political part is the problem. The housing/real estate bubble came from there. Tho the problem is us the citizens, or well, those who vote people that act on their own interests... specially that one with the catchy jingle.
Maybe it is a good time to get another one about Spain?
Spain is the best country of the world, from Milano 🇮🇹
The point about “regions in Spain being run by Presidents” as an example of the level of separate identity between regions is a bit misleading.
The title of the Spanish government’s head is “President of the Government” (equivalent to a prime minister). This style (President of some organization, instead of President of Spain or President of some region) continues at the regional level. For example, in Andalucía, it’s regional head of government is “President of the Junta of Andalucía”.
Basically, “President of (local government entity)” is a stylistic tradition in Spain at all levels of government, not a sign of separation.
Hi Mr Economics Man your videos got me into economics keep up the good work
Comment of the day. Thank you!
This video was very educational and I enjoyed it! Keep up the good work!
I have been looking forward to this
Economi of Greece
Thanks count dooku
Indeed, Spain had the very first largest colonial empire in the world about 500-400 years ago. While the empire is long gone, it's effects on the world persist, given how Spanish is the world's second most spoken language.
@Michelle it's not Spain's fault that Latam destroyed itself after getting their independence
@@imb5128 Sure, they had plenty of time (120 years or more since 1899s) to be developed as great countries by themselves.
We shouldn’t have never separated from Spain to begin with, they wanted to divide us.
I was half expecting the "this is Spain" section of the video to showcase stock footage of somewhere else like Portugal or somewhere else.
My favorite series on TH-cam
👏👏👏👏
Thanks mate
FAKE NEWS.
As spaniard, I feel so bad about this :_( , at least get a like for the awesomess of this channel.
Don’t feel bad, Spain looks beautiful in those shots. Me encanta España.
Spanish here. I dont feel bad. Me and my closest people have access to a quality of good and a quality of Life that i havent seen anywhere and i have been in almost allí european countries. We sure have many issues take care of, as any other Big relevant country
Don’t feel bad mate, you will come through this. Much love from the uk, hope to visit your beautiful country soon, with my son who is learning Spanish.
@Michelle Not really. Most europeans come to spain when they are old to retire. Here with a good ammount of money you live way better. Its a matter of climate. Sun, beaches, good weather, clean skies, and also all sort of modern infraestructures. In Nordic countries you have ice, dark skies, cold, etc.
My oldest daughter(26) has been living in Spain since graduating college 3-4 years ago, she loves it and the people. I going to visit in a couple of weeks. She lives in Barcelona. Will spend my time there and in Southern Spain in the Andalusia area Granada! Sevilla, and Cadiz!!
She has luck for live in Barcelona. I live in center Spain and i wish i could live in Barcelona
The greatest problem of Spain really lies on its dependence on tourism to save us every year, but not being able to derive that money onto more stable ways of sustaining a country. Its a pity we have resorted to make our country somewhat of a vacation state.
Tourism makes just 10% of the Economy of Spain. The largest economic sector in the Spanish economy is manufactured good.
I feel this video requires a review in light of the last years developments of Spanish economy and its current positive perspective.
positive??? you have to be kidding
Unemployment in Andalucia is 22.5% and youth unemployment is 49.5%. These rates are common across Spain. That's going to cause long term scarring as a significant minority of the population will go through life without ever working.
jesus christ, i was living there in 2014 and it's hardly gotten any better?! unbelievable man
Spain youth unemployment is almost 40% and it's not getting any better.
If you combine that with a aging population and a failing EU economy banks then Spain is literally doomed just like Italy and Argentina.
@@cacholulu6749 you can be your own millionaire by investment in Bitcoin
@Red Dragons of Possessive Love Remember relative povity is unavoidable. Absolute povity bearly exists in the US, if at all.
There needs to be 3 leaderboards.
1.) small economy (50k-1million population)
2.) midsize economy (1million -25 million population
3.) large economy (25 million+)
Interesting idea! Thanks for sharing.
i like your idea. also i like your avatar....lol
India and china: how cute
Very large for USA, China, India, Japan, Germany, UK, France
@@EconomicsExplained thanks for replying this made my day!!! Love your content!!
Please make one about eastern european countries, poland or romania
Romania is big for digital nomads
Poland is in Central Europe and is a Western nation.
@@penguinsfan251 the only Ones saying that Poland Is a western european country are disillusioned polish
I just moved here to Spain in February for retirement. The prices for everything except for the basics like food are crazy. The bureaucracy is a nightmare. They just boosted electricity prices. They are planning to put tolls on all highways. And drop speed limits on the secondary roads so that people won't flee to them to avoid the tolls. I want to find a different country in Europe to relocate to, but my wife, who doesn't have to deal with anything official or pay bills other than food wants to stay.
Sounds so similar to Greece, except food is also expensive and tolls on highways have been existing since forever...
If you think Spain is a burocracy nightmare, wait to see Germany where i am living now. They took TWO YEARS to give my taxes money back, and I have to say that taxes are quite quite high.
Here the realstate market is also a nightmare and prices are quite high... so good luck.
Good video. There is an interesting paradox on Spanish economy. It's true that Franco had fully centralized Government but precisely because of that he opened industries strategically in certain areas such as Basque country and Barcelona, which were very successful during the "Spanish miracle" period. However, nowadays, despite being a federation de facto as you say, we see a common trend for big companies to set their business in Madrid. It's becoming more and more difficult to compete against Madrid. There are some exceptions, like Malaga which is specializing in the IT area, but other than that it seems Spain is becoming more and more Madrid-centric. Not a Madrid hater though, they seem to manage the economy better.
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The economy of Finland is a highly industrialised, mixed economy with a per capita output similar to that of other western European economies such as France, Germany and the United Kingdom. The largest sector of Finland's economy is services at 72.7 percent, followed by manufacturing and refining at 31.4 percent
taxes... they are leaches
"you're wachting this in federation" laughs in centralised state
Laughs in Russian Federation
which country ?
I am just curious
@@Atheist-Libertarian republic of Ireland
In Spanish , you may hear that Spain is a “estado cuasi-federal” , it just means it’s a “quasi”-federal or “kinda but not exactly” a federal state, with the Autonomous Communities or state regions choosing which things they want to run themselves, and which things they want run by the central government.
@@cathalgray4356 I’m in Northern Ireland
Any plans to go back and give every explained economy a score on the leaderboard?
Thanks for the video!
You can find them on his second channel
@@XinadSky as far back as Argentina. But I wanna see if North Korea is in the negatives 😂
@@XinadSky what is the name of the second channel
@@kevingonzalez7464 Economies Explained 2
*Economics Explained 2
I don't know why but that "oh boy" cracked me up.
Great video. One major benefit of the federated model in the US has been the ability of citizens to relocate the the economic system most suitable to their needs. Have an in-demand tech degree? California awaits. Financial whiz? You'll love New York. And because of this, whatever the current global economy needs, there's likely a state that has chosen that economic model or something close to it. Yes we end up paying more in relocation incentives, but the presence of meaningful choice forces the states' economies to adapt faster or face population outflow.
The problem, for me, with a lot of countries in the EU it's that their economic systems is so tied to the political problems that if you focus only on the economic or industrial (turism, etc.) part, it's difficult to understand all the future problems we will face in Spain :(
Covid, climatic change, immigration and all of that aside.
Make a video about the recent record US borrowing. Would be interesting to see if it leads to hyperinflation.
Yes please do this
Bizzarely, the world loves USD no matter what the US does
@@depth386 that's what being a superpower means
He already did.... like months ago
@@depth386 Meh, it's not like we had any other options 20,30,50 years ago. Today you can have reserve in Yen or Euro too if you want valid, strong currencies.
Also China is offloading their US based debt by a crazy rate. Technically the US have to pay back 'less' because the amounts stay the same but buying power is less, so it's good for the US. But if they offloading and the rest of the world also than the US is in deeeep sheit.
It was a shame you said so little about Spain's multinationals. Zara is the obvious example, but you could also have talked about Talgo and CAF. I understand that when bids for the Haramain rolling stock were being considered, Talgo's bid was technically competitive with other bids, but vastly cheaper.
So its basically Greece expansion pack
Gold Edition with future DLCs included
@@nicolasmoreno9442 You have to pay a tax on whatever you want to do. Welcome to Spain hermano.
It’s like if the Netflix adaptation of Greece got more famous than Greece itself.
I think that’s Italy
When's the next World War 3 expansion? The devs are becoming lazy smh.
Start of the video: “I don’t feel like talking about a crisis” end of video: “so basically, everyone in Spain is fucked”
Laughs in Spanish
The economy of Spain is the best since 2008!
ufa!! thank God you missed, Portugal.
Shhhh🤫
Another 💩 of the 🌎. Both must go to 🚽.
imagine if he chosed portugal... an even more desperate economy.
não, a sério, muito mais desesperada. comparado connosco a espanha é uma super economia ultradesenvolvida. agradeçam ao socialismo.
@@Duck-wc9de Muito infelizmente.. Se EE fosse dado na escola, ou o mínimo de conhecimento de economia, o país virava liberal de um dia para o outro...
@@Duck-wc9de Nos 3 anos pré-covid Portugal cresceu mais que Espanha, não é assim tão desesperado lol
love these countries' economies explaining videos. The only thing I feel bad about is that one day EE would run out of countries to make videos of their economics.
Welcome to this economics explained video on the Economy of Kiribati.
Change happens. Then EE should make a video of the same countries 10 years later.
YES, FINALLY MY COUNTRY, HAVE BEEN WAITING THIS FOR SO LONG. Lets see how it goes, will comment on it afterwards
Tenemos un 5
Ven amigo escapemos de España
Mis más sentidas condolencias 😔
Pues yo me lo esperaba peor la verdad. Por lo menos tenemos un GDP bastante decente!
@@DiversionG Dónde lo puso? Me perdí la clasificación... :-S
@@typhoon008 esta en el canal secundario
Financial advice: The next sector that Spanish economy center around after this crisis will be the next bubble to burst.
I would like a second analysis in Spain, could be great, thanks for the video
So glad to see my country covered, man. Thank you! I just hope the economic model of Spain can changed a little bit from tourism to a more sustainable one, because it is becoming a huge issue to rely so much on it.
You could do something similar to „Geography now“ where you do one of these videos about the economy of every country in the world
This is a great idea
Yeah, but National economies are dynamic (always in flux), where National geographies are static. So each Countries economy video would have to be updated regularly.
I actually thought the same as you did! +1!
Would be awesome to look at Spain's position in the national leaderboard. Thanks!
th-cam.com/video/ek56FVj5_KI/w-d-xo.html 😎
@@EconomicsExplained 😎
Yup. I'm one that fled the country just before 2008. Gladly moved to the USA. Thank you America!!!
As a spaniard i would say this is the most accurate video talking about the Spanish economy I have seen, keep the good work!
Great video! Nice to see a country economy video again! :)
Love to Spain from Russia 🇷🇺🤝🇪🇦
FAKE NEWS.
@@joaoalbertodosanjosgomes1536wdym
@@AmirSatt FAKE LETTERS TOO.
@@joaoalbertodosanjosgomes1536 what do you mean?
Thank you 🇪🇸🤝 🇷🇺
Economics Explained: You can't build a house in China and overnight ship it...
Jeff Bezos: Hold my vest!
They sure can ship the workers from countries with cheap labor over to keep labor cost low while housing prices continue to the moon
Ok built in China then brought to another part of the globe is a bit extreme, but here in the US we have manufactured homes which are a massive thing and basically are just pre existing designs built in a part of the country where it's cheap to do so and shipped to where it's demanded
I was waiting for a "yet" that never came
Bezos's grandfather was Spanish man ....
Un año después España sigue en pie y con verduras en los supermercados
You did so much effort not mentioning the Catalonia issue, it's appreciated not to disturb the comment section! :))
EE: Spain finds itself between a rock and a hard place
Me planing to move to Spain: at least it's an upgrade from Venezuela...
No te voy a negar que Venezuela está peor. Pero ojito con España que se está convirtiendo en la actual Argentina y no es broma.
Digo actual Argentina, porque Argentina tiene pinta de volverse la igual a la actual Venezuela o a la Venezuela de hace unos pocos años.
somos 2 yo pensando que bueno si logro salir voy un par de años y pasaporte europeo y adiós maldito saime ya después si veo mal las cosas bueno ya podre ir a otro lado sin tanto problema,aunque a mi me gusta mucho el país.
@@alicg7829 España necesita reformas urgentes y profundas pero no veo voluntad política para eso porque muchas medidas serian impopulares.
I feel like the comments below are exaggerating quite a bit. Spain will not become Argentina, nor Venezuela. It's basically where Brits and Germans spend their vacation and because of simple geography, as soon as covid's over that will return Spain to its baseline of a mediocre yet reliable economy. Covid hit Spain hard but the beaches are still there.
@@strausan as I said Spain needs reforms now, Spain it's a great country with a lot of culture and first world's infrastucture with economic reforms the country will improve.
We will survive, we always have
But not thrive..
Yeah just like the aboriginal people, they survived the Spanish but couldn't manage to thrive again.
@@robymaru03 yeah because the Spanish and the Aboriginal people of Australia are so similar...
You do realise, the only reason Spain didn't rule 80% of the world, is because they couldn't beat the English, not that they had some moral opposition to what we did.
Ps I'm not an apologist for things I didn't do, but I do acknowledge they were horrors of the past, and all nations have them.
That sounds a lot like saying, "Many of us will die, but a few will slip through to escape death, and maybe continue to produce enough offspring so that we don't go extinct."
@@adambuss654 The reason why Spain didn't ruled the world has barely anything to do with the British. Spain was the major power of Europe between 1492 and 1643, this being the discovery of America and the last battle of the Tercios, the Battle of Rocroi. In the Americas, Spain continued to be the major power till the end of the 18th Century. The British Empire started to be a major power in 1750s, when Spain was doing pretty bad and some decades later would lost their empire. So, it has nothing to do with the UK, because the major opposition power of Spain during their prime was France, mainly in the 17th Century. In the 16th Century, oh boy, you did not want to be against one of those Tercios.
Ive been waiting for this video for so long
Such gorgeous footage, I wish it was captioned with the location.
My statistics instructor taught me to be wary of charts, graphs and tables. They can be easily manipulated to misrepresent reality. He summed it up with this statement “Figures don’t lie but liars can figure”.
Isnt that M1 graph for the USD kinda problematic to use, cos they changed what M1 means? And thus there is a huge spike, that doesnt reflect reality.
12:29 Caveats: there were 2 categories of banking institutions: large private banks (which had reserves that allowed them to survive 2008), and hybrid credit unions semi-controlled by regional governments and corrupt politicians sitting in their boards of "misdirectors': these had to be bailed out massively due to the toxic amounts of bad assets and bad debt they had accumulated in the construction frenzy. Spain made it through the 2008 crash, largely due to the European Central Bank lending money to the unscathed large private banks (Santader and BBVA), so these could in turn purchase Spanish Government bonds in large quantities. The Spanish economy was thus buttressed by a stealth indirect bailout from the ECB. Now the downfall of Spain will likely be the colossal deficit of its public pension system. Stay tuned!
The video was really good, but it missed what I think is the most important thing thats pulling the economy back, which is the labour market. As a young spaniard I believe that so much regulations and overprotection of the workers has lead to the huge unemployment rates we now suffer in Spain. There will be no real change in the economy until this problem is fixed
Pedro. Take me back to before 1993 when it was 500 pts for a menu del dia. You are now paying for the money thrown at you by Brussels. They were always planning to collect their pound of flesh. Trying to open any sort of company is like trying to climb a very big wall.
Over regulation of the labour market is something asked specifically by the Spanish voters themselves. As long as their education in economics is bad, they will continue to demand unrealistic and damaging politics from the government. The Spanish government is under pressure and sometimes in order to guarantee political stability, read to maintain a four year term mandate, they succumb to the unreasonable demands of the many uneducated voters.
This. So much this. I'm from Portugal and I remember being like 14 and listening on the news that Portugal had really inflexible and protective laws regarding workers. One line that stuck with me was that "it's much easier to fire someone in Germany than in Portugal". I thought "That's gotta be bad for Germans, right?" (we can replace Germany with any country north of Italy here).
Then, how come germans are so rich? How come people emigrate from Portugal to countries where it's easier to get fired? How come we keep hearing about protecting workers rights even more, while these rich countries don't even talk about this (as far as I know)? Now, roughly 10 years later, I know the answer. And it is that basically, politicians have no idea what they are doing. They are just good at making it look like they do. In truth, all they care about is power first, and ideology second (ideology is usually method to achieve power). Our politicians (Spain and Portugal )are left-wing, because our dictatorships were right-wing, and so our politicians will do left-wing things. It just so happens that the left-wing way of solving unemployment (and of improving the economy in general) is terrible. Which is why countries like Estonia, which entered the EU in 2004, has already surpassed Portugal in GDP per Capita and will soon also surpass Spain. This problem will only be solved once the trauma of the dictatorships disappears, and we can actually start voting for people that can solve problems, instead of pretending to solve them. In a positive note, it seems like that time will be coming still during this decade.
One of the few channels where I insta-like the video as soon as I start it
"Why pay your employees well when you can pay someone else a penny?"
This plus "What do you mean over half of the population is working for the State (therefore requiring higher taxes)
Do Canada! We are racking up debt at every level like it's going out of style!
Housing here in Canada is out of control
Luckily for us Canadians, the US has a large obligation to help us. The US economy will help us bounce back because we are a close ally to them, and our defensive installments that store US nukes means that if we go belly up, then US defense takes a hit.
The US won't let our debt do to much to the economy. No doubt it will be bad either way but we are set up to be able to recover.
Canada, Australia, New Zealand etc. all seem to be aiming to build economies based on selling houses to each other at rapidly increasing prices. Lower interest rates might be the cure for all of our economic problems? 🤔
That's Lefties for you.!!
I think most countries are now in trouble
Speaking of Spain, in the Basque country, there is the Mondragon corporation, a pretty unique and rather big cooperative. I've only been able to find promotional or rather propaganda material on it. It would be great if you could take a look at it with a more balanced perspective.
Mondragon is losing shine for several years. They have this decentralized ownership concept, where the workers are the owners of the corporation. They lost competitiveness over the years in many of their portfolios, because they are not able to relocate factories for cheaper labor. Theh have yet a good r+d an IP ownership, but their economies are switching and looking to get rid of some of their brands, which is difficult since the owners are the workers and demand higher salaries. Still profitable on the last rwport
¿Balanced perspective? No of course, this is an Anglo talking about Spain. It is much better to denigrate it, why not'? All the Spaniards will look down to the floor and accept all the insults.
@@jonayz8655 , this is something I never understood when I lived in Spain. People bash Spain, the Spanish accept it because they themselves bash it. The same is seen in Belgium. Why bash your own country so much instead of working to improve it? And by working I do not mean necessarily accepting the will of the elite.
Spain has a lot of talent and potential, but the seemingly complete disillusion with the country and their own people makes it really hard for anything to work well. People accept the fact that they are being cheated by their fellow citizens, they accept when someone tells them to wait when they can do things quicker, they accept when they are paid low salaries when it is illegal to do so, and so on.
@@Flamdring Not everyone bashes it. It's just part of the black-legend propaganda since the times of the Spanish Empire when anglofrench propaganda invented lies against the Empire, to the point of funding Simon Bolivar to split it into the US banana republics now known as "latinoamerica".
Also London and Washington profit greatly from having first class seats as a part of the Zi0nist proxy warlords. The US even aligns with Morocco now that they recognized Israel as a state in return. Look at what happened recently in the border. Mohammad VI sent people, including kids, flocking into the sea to invade Ceuta as blackmail. They use migration as ammo. Absolutely 0 words by Biden. Nothing was addressed. Same with Trump. Morocco is a bigger ally for them than Spain which is the south gates of Europe. I even saw the other day Tucker Carlson attacking Spain to explain how Mexicans come to the borders. "They stole their gold!" he claimed. It's all a big joke.
@@therealaware Them pesky Zionists again!!! 😌😌😌😏
You forgot about the ranking in the end, could you add that please?
He added it here - th-cam.com/video/ek56FVj5_KI/w-d-xo.html
Irrespective of what you do, a cash flow system that earn you giant income is necessary
Many become millionaires investing
I earn maximum profits investing with Gary and his platform
He has the characteristics of a good manager
@Patrick J If he wasn't good enough, people won't write and speak good of him
@Lance Fay I feel positive about his investment platform
But "some of these regions see themselves as totally independent entities." I guess you have never heard about Quebec then.
Im from Spain 🇪🇸 and the main problems here are: 1 Too many regulations and burocracy for new business and employers 2 An inelastic market labor exemple( minimum wage too hige and taxes+regulations are too bad. That causes a great structural unemployment (young 50% and general 15/17% 3 Public debt (120%) and a huge deficit rn 8/9% 4 Our SS system is fucked and the pensions are unsusteinable
5: su español está bien feo
Haha salu2 desde México
@@licheong not socialism bureacracy
@@licheong "socialism" doesn't even have a precise definition, it means different things in different countries and to different people. Spain definitely doesn't have a socialist economy, in fact it even privatized a lot of big national industries and state monopolies in the 80s and 90s, with the "Spanish Socialist Worker's Party" in the government. Right now our SS system needs reforms and will become a huge issue unless our economy grows by a lot in a few years, but it's mainly due to demographics.
I don't agree that our minimum wage is too high, it's on the low side of things given the current cost of living. Plenty of business can make a lot of money paying that minimum wage. Minimum wage is an ongoing debate in Spain, it's not at all settled.
France has more of what I guess you're calling "socialism": higher minimum wages, big state-owned profitable enterprises, strict worker protection laws... yet its economy is way more robust than Spain's, and its SS system is also more sustainable even when its pensions are better and people retire earlier. "Socialism bad" is too simplistic an explanation.
@@paubakero Good job, blaming Spain's problems on the minimum wage islike blaming my unused treadmill for my obesity, it could actually help if I used it correctly but alas, it's just there to remind me that I don't use it and my fat (the rich) grows as my muscles (the working people) die of
@@paubakero he's just the average American, force fed so much propaganda that he has a seizure whenever someone else's words trigger his "socialism" alarm. Can't blame him, can pity him at best.
At 5:30 you seem to equate *high taxes and high debt* with "the most sustainable form of government". 🙄
Also people and companies are not leaving California only for the taxes.
I have probably asked this before, but could you make an episode where you take the countries you reviewed before you came up with the leaderboard, and place them on the leaderboard?
Just 2 comments: 1) the regions are responsible of health, social services and education, which means they have some room, but not much as most of their budgets are allocated to these basic services, to guide economic policies of their own: the central government policies still have much wider impact. 2) the video is from a year ago, but, on the contrary of the 2008 crisis, this time the EC has pushed for an economic expansion (which has certainly been good for Spain) at least until the inflation jumped in. Spain's GDP grows and the unemployment rate, although still strange, is somewhat converging to EU standards after regulation changes. And all this is probably due to our "virtual" independence of russian gas, but we'll see where all this goes.