Lonergan’s (1904 – 1984) thought sought to understand economy related to a society’s civic institutions, political orders, and cultural traditions. He wished to explain the normative rhythms of economic development and the conditions of its dynamic equilibrium.
The Basque case
In this sense, Lonergan’s analysis presents an alternative to conventional accounts of the type of economic progress that the Basque society has enjoyed in recent decades, in ways that still resonate with the Basque emphasis on the centrality of the productive process and on the values of its people.
In this article, published on International Review of Economics – Journal of Civil Economy (IREC), Paul O´Hoytt, Cermelli and Calvo-Sotomayor apply Lonergan’s perspective to analyze the intense transformation that took place in the Basque Country between 1980-1993. During those years, democracy was just consolidating in Spain and the Basque Country underwent an intense industrial restructuring; also the Basque educational system and social welfare in general.
The social aspects have been a key factor for the economic strategy developed by Basque institutions in recent decades
The authors of the article point out that these profound changes, as well as the size and scope of the region’s population and economy, make the Basque Country an excellent case study for applying the Lonergan analysis.