I agree that blaming Spain’s current problems on only the property and banking failures does not explain the full picture, it has always just been an easy way to apportion blame, and a lazy one.
You can’t ignore the relatively recent civil war and a long dictatorship, as the professor pointed out, under Franco Spain was a closed country and not open to international business.
When democracy was finally and recently introduced, too much freedom was given to the autonomous regions and the country was never ‘joined’ up properly. The old factions are still in place and they hate each other.
Law enforcement is inefficient with three separate police forces, and the funcionarios in Malaga, Valencia and Madrid, and everywhere else, are not singing from the same hymn sheet, their hymn sheets come from their own regional governments and have different words on them.
The bigger regions even have their own language and Franco’s efforts to unite the country with Castellano never worked, not even under his iron rule.
And as the professor concluded, the internet generation and membership of the EU, maybe that should be in reverse order, is just about the only way forward.