White Elephants in Spain - a reminder

This week's Time is highlighting Spain's white elephants - the cheer number of expensive cultural centers, airports, high-speed rail connections... I have already talked about them here  http://my2centsontheworld.blogspot.co.uk/2011/06/spanish-elephants.html . But I think it is useful to remind them, as symbols of what happens when there isn't a strong Governance spending process - most of them were actually built and promoted by autonomic regions budgets, based on lose assumptions and with regional pride and voters as their main aim. And what happens when projects don't have a Return On Investments menthality at their core, supported by sound calculations and educated assumptions. It is a common mistake - but with dire consequences. And in 5 years time, we should still remember this lesson.

http://www.time.com/time/world/article/0,8599,2114888,00.html