Spain is at a historic crossroads. On the one hand, the country could follow the easy path of populism and statism - a 'Hispanic' road to underdevelopment that is exemplified by Venezuela and Argentina, and which has always tempted Spanish politicians. On the other hand, the country could choose a path that requires substantial changes in the short term but would result in a more productive society and economy.

Choosing the second path involves implementing reforms in at least three priority areas: education, focusing on developing analytical skills rather than rote memory; economic institutions, enhancing the transparency of markets; and political institutions, improving the quality of political leaders and making them more accountable to citizens.

In this book, the economist and LSE professor, Luis Garicano, advocates the second route, based on human capital investment, profound reforms to the state and justice system, and enforced compliance with the law. He proposes a workable vision of what Spain needs to do to exit its current crisis.

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1 January 2014

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This Book is published under the centre's Growth programme.