Spain's Lesson For Its Neighbors

Spain joined the European Union in 1986 as a poor country. In 12 short years, it has built a modern economy larger than Canada's. It is an economy that generates a level of prosperity close to those of Italy and Britain. And the Spanish did it while others took a siesta. Spain's political leaders unleashed an incredibly dynamic economy by slashing the role of the state. They cut taxes, privatized state industry, and deregulated markets. They moved faster and went further than France, Germany, Italy, and other Continental neighbors because they had less to lose.

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