Free Market Road Show


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FMRS Madrid – Report

The FMRS Madrid occurred on April 6th, 2022, at Fundación Rafael de Pino. Scott B. Nelson of the Austrian Economics Center delivered the events opening remarks, speaking on liberty. Nelson discussed the importance of the Free-Market Roadshow and its growth throughout its 15-year history. In recent years, the topic of liberalism has split the Left and Right into two different camps. The Left has started to advocate for equality of results rather than equality of law. The Right has become increasingly populist and nationalist.
Nelson’s remarks were followed by a panel on Capitalism and Environmentalism moderated by Francisco Capella. Speakers included Luis Gómez Fernández of Francisco Marroquín University and Manuel Fernández Ordonez. Manuel Fernández stated “I believe capitalism is the most compatible system with environmentalism”. Due to the inefficiency of central planning, the USSR used twice as much as energy as the United States during the Cold War. From the economic perspective, natural resources are infinite. When cars can exclusively rely on batteries, the world will no longer care about oil. We as humans make the resources as a byproduct of our subjective value.

FMRS Madrid Report

Next, John Müller moderated a panel discussion on Inflation and Fiscal Stimulus. Speakers included Dan Mitchell of the Center for Freedom and Prosperity, Juan Rámon Rallo of the Juan de Mariana Institute, and Francisco Cabrillo Rodríguez of the Institute of Fiscal Studies and the Complutense University of Madrid. Mitchell blamed Keynesianism as the root of inflation. Fiscal Keynesianism involves borrowing and spending, even though it can never be truly stated where the money is coming from. Monetary Keynesianism involves open market operations, interest on excess reserves, printing money, and various other strategies. Mitchell claimed that the deficient monetary policy of the past few years has occurred in response to poor fiscal policy.

FMRS Madrid Report

The FMRS Madrid concluded with a panel on geopolitics moderated by Pablo A. Gianella of the Juan de Mariana Institute and María Crespo of Civismo. Speakers included economist and geopolitics expert Oscar Vara and Ignacio Cosidó Gutiérrez of Francisco de Vitoria University. The panel discussed Vladimir Putin, and his willingness to resist by any means necessary. Ultimately, Russia will be in a lot of trouble if it fails in Ukraine. The panel also discussed the ongoing loss of Western hegemony, the retreat of democracy and globalization, the crisis of the Liberal International Order, and the failure of nuclear deterrence. The failure of nuclear deterrence is clear from the Russia-Ukraine situation, as the West’s nuclear arsenal did not prevent Putin from invading Ukraine. On the other hand, Russia’s nuclear capacity has prevented the West from providing more aid to Ukraine. The panel then discussed geopolitical topics specifically facing Spain, such as the importance of Morocco and Algeria to Spain when it comes to energy linkages.

FMRS Madrid Report

FMRS Madrid – Program

5:00pm – 5:10pm Welcome Words
5:10pm – 6:00pm Panel

Capitalism & Environmentalism/Capitalismo y Ambientalismo


  • Francisco Capella
6:00pm – 6:10pm Break
6:10pm – 7:00pm Panel

Inflation & Fiscal Stimulus/Inflación y Estímulos Fiscales

  • Dan Mitchell, Center for Freedom and Prosperity
  • Juan Ramón Rallo, Spanish economist Instituto Juan de Mariana
  • Francisco Cabrillo Rodríguez, Instituto De Estudios Fiscales, Universidad Complutense de Madrid


  • John Müller
7:00pm – 7:10pm Break
7:10pm – 8:00pm Panel



  • Pablo A. Gianella, Instituto Juan de Mariana
  • María Crespo, Civismo


FMRS Madrid Report
FMRS Madrid Report


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