That might be your perception but its far from reality. And the reality is what happens in Spain isn't really all that relevant. Globally speaking anything not PC was a rounding error.

Even if you take all DEC Terminals sold in the 80s, you only get a fraction of the early sales of the PC by the 1990s. Of course timeshare systems had a huge history and install base, and the same for terminals, but by the late 80s PC sales dwarfed it by ridiculous numbers.

Europe generally is more delayed and more fragmented, but the economics of the situation was totally clear and are driven by US home and business demand.