Abstract
While the disruption caused by the pandemic has receded, tourism capitalism continues to be im‐ bricated in multiple and intersecting crises. This paper argues that the roots of such crises and the manner of their unfolding do not merely ‘impact’ tourism but have been incubated within and shaped by the structur‐ al dynamics of tourism capital accumulation itself. This paper draws on a historical materialist epistemology and critical theorization of capitalism to challenge orthodox framings of tourism crises and their deep‐rooted structural drivers. Finally, the paper reflects on the nature of crises in relation to the mutations of Spanish tourism capitalism and the continual efforts to resolve the crisis‐prone nature of tourism.