Changing Growth Patterns of the Spanish Economy Attributable to the Consulting Sector in Context of Uncertainty

Abstract

Much has been discussed about the global financial crisis of 2007–2008, including its reasons and consequences on the productive fabric of international economies; however, the studies focused on highlighting the most resilient productive sectors are a significant minority. In this sense, this paper provides a novel analysis of the behavior of Spanish companies involved in the economic-legal consultancy sector throughout the course of the crisis. This manuscript emphasizes the relative strength of these kinds of firms, their eagerness for innovation and internationalization, as well as their ability to adapt to the needs of their clients at any given moment, especially during a period characterized by enormous uncertainty and insecurity, both on the part of the financial markets and of the political authorities who had to face the pernicious effects of the recession. Finally, a series of future lines of research that could be pursued on the basis of this manuscript are outlined. In summary, this paper shows how a service-based economy such as the Spanish one in the context of high uncertainty such as the 2007–2008 global economic crisis was able to obtain ample support through the consultancy services subsector and its internationalization to alleviate the effects of the crisis. It should be inferred that in those countries that, like Spain, boosted this sector (Italy, Greece or Turkey), this industry served to mitigate the effects of the crisis and define new market niches for all these economies.