This work describes, analyses and interprets the main trends that can be found in the evolution and development of the Spanish economy from 1960 to 2018, in order to localize the fundamental causes and consequences of such behaviour which, in turn, will help to build up the main guidelines to follow for the future improvement of the Spanish economy. Through a deep analysis of various indicators and an historical account of the Spanish economy, we will find that the main cause for many of the anomalies, deficiencies and problems faced by the Spanish economy in the last decades was the conscious creation, development and consolidation of an economic system primarily based on a low-productivity service sector, cheap tourism and, very especially, a Great Real Estate and Housing Bubble. Other indirect causes were the availability of cheap capital and plenty of financing opportunities derived from the entrance of Spain in the European Community and the European Monetary Union, financing that was, for the most part, badly used. Finally, a profound reform of the Spanish economy needs to be undertaken if Spain wants to maintain a path of long-term economic growth and prosperity while maintaining the sustainability of the State and, more importantly, the Nation.