Strong performance in Spain are at record low levels. The reason is not so much the economic crisis, as the country's failure to implement structural reforms. The author considers two partially additional hypotheses, defining the problem as one or institutions or values. Institutional hypothesis is that the political system can translate citizen preferences into effective reforms. According to the hypothesis values, many people reject any reforms, which require them to work more or consume less. On the basis of the reforms undertaken in the last half century and the characteristics of the most successful companies in Spain and individuals, the author argues that what is needed to restore confidence and overcome the economic crisis is the introduction of competition and accountability. "Hide
by Benito Arrunada Source: IESE-Insight Magazine 8 pages. Publication Date: February 15, 2009. Prod. #: IIR016-PDF-ENG
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