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Some analyses of the social history of Spain, including those of contemporaries or later self-proclaimed Marxist authors, repeat that the country had no bourgeoisie, or that the bourgeois did not fulfill their “historical mission.” In short, at the historical stage of the development of capitalism, between the last third of the nineteenth century and 1931, the country apparently did not undergo a classic “bourgeois revolution” that really would have truly shattered the structures of the old regime. Taking a closer look at the specific conditions for the accumulation and reproduction of capital among the various groups of the Spanish ruling class should shed light on the role of the Spanish bourgeoisie in the first third of the twentieth century.