Spain Is Without A National Government – And Spaniards Are Digging It by Joseph T. Salerno, Mises Institute
With neither major party able to secure a majority of seats in the national legislature and the two parties unable to agree on a coalition government, for the last 10 months Spain has had a do-nothing caretaker government for the first time in its history. While basic government services continue, no new legislation is being proposed, foreign policy is stuck in place, and many infrastructure and other government projects are frozen. In contrast to dire predictions of chaos, everything is proceeding smoothly and some Spaniards are learning a valuable lesson about the resilience of society when left to its own (voluntary) devices. The lesson has been pithily summed up by Felix Pastor, a language teacher, who states:
No government, no thieves.
Has including ESG become a necessity for investors?
ESG (environmental, social, governance) has become a hot topic in recent years, especially lately with the debate over whether pension funds should be able to factor in ESG when choosing investments. At Morningstar's recent conference, the firm argued that ESG has become a requirement for long-term investors. Q2 2020 hedge fund letters, conferences and more Read More
Mr. Pastor believes that, without politicians around to inflict more harm, Spain could last without a government “until hell freezes over.”
Website editor Ignacio Escolar agrees,
A lot of people said we would go to hell if we didn’t form a government. But we’re still here.
And Ana Cancela, a civil servant, recognizes the corruption and incompetence endemic to political institutions,
We already knew that politicians were corrupt, but now we also see that they can’t even make politics work.
Joseph T. Salerno is professor of economics in the Lubin School of Business of Pace University in New York. He is editor of the Quarterly Journal of Austrian Economics; Academic Vice President of the Mises Institute, and Director of the Mises Institute Fellows Program. Contact: email.
Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.