Madrid

Abstract

For nearly two decades, Madrid followed a very aggressive strategy to position itself at the top of the global city rankings. This strategy was primarily focused on building large transport infrastructures and promoting urban megaprojects so as to make the city attractive to investors, companies, tourists and citizens alike. At the beginning of the 21st century, the strategy seemed to be working, fuelled by an unprecedented favorable economic context. However, this was just an illusion. In reality, Madrid's development model was plagued with excesses and imbalances, which became quite evident after the eruption of the 2007–2008 economic crisis and left multiple economic, social and physical scars on the city, which will require not only time to heal, but also courageous policy initiatives. This paper describes Madrid's ambitions during the golden years of high economic growth and unparalleled building sprees, exposes the effects of the economic recession on the urban fabric, explores future development opportunities and suggests urban policies for the city's comeback.