González PSOE third/fourth terms: Olympics-Expo peak, convergence, Felipismo decline

Doctrine — stated goals and content

Mature phase of PSOE 1982-1996 hegemony: 1992 Barcelona Olympics and Seville Expo marked the symbolic apex of 'Felipismo'; afterward came recession, corruption scandals, and loss to Aznar 1996. Economic school: social-democratic modernisation with ordoliberal-adjacent macro frame (ESM peseta anchor, BdE independence preparation, EMU convergence) and supply-side-moderate privatisations. Left-right axis: centre-left. Key content: (i) 1988 14-December general strike had already shifted trajectory; (ii) 1989 Plan de Convergencia to ERM (peseta entered ERM 19 June 1989 at 6% band); (iii) AVE Madrid-Seville inaugurated 21 April 1992 — high-speed rail landmark; (iv) Privatisations via SEPI predecessor: Repsol 1989-1996 tranches, Endesa 1988-1994, Telefónica 1995; (v) 1992 currency crisis — peseta devalued 17 September, 23 November, and 13 May 1993 (total ~26%); (vi) Banco de España autonomy Law 13/1994 of 1 June 1994; (vii) Pacto de Toledo April 1995 cross-party accord on pension reform; (viii) Filesa financing scandal 1991-1997 and GAL terrorism case (sentences 1998) corroded Felipismo legitimacy; (ix) Labour reforms 1994 — 10 and 11/1994 — introduced ETTs, widened collective- bargaining opt-outs, liberalised contract types; (x) Maastricht Treaty ratified; (xi) 13 September 1995 peseta devaluation; (xii) Lei de Concesiones Administrativas expansion; (xiii) EU CAP reforms absorbed; (xiv) Schengen entry March 1995. Popularity: 1989 general election PSOE 39.6% / 175 seats (absolute majority); 1993 PSOE 38.8% / 159 seats (lost majority, CiU external support); 1996 PSOE 37.6% / 141 seats — lost to Aznar PP 38.8% / 156 seats. Coherence: high on macro (ERM + BdE independence + privatisation + labour flex), lower on political sustainability given concurrent corruption scandals.