Anti-establishment parties have made real inroads in southern Europe in recent years, taking power in Italy and Greece after vowing to jettison mainstream political thinking and challenge the economic consensus in Brussels. As Spain goes to the polls this month, many are worried about the rise of Vox, an anti-immigrant, anti-feminist movement that has emerged as a genuine electoral force. For those troubled by Europe’s turn toward populism, though, Madrid is a long way from going down the path of Rome, let alone Budapest or Warsaw. Mainstream parties remain solidly in the lead, meaning the next government probably won’t be too different from what has come before. Even though this is the third national election in four years, the Spanish economy has withstood the instability. None of this is to downplay the fears about Vox, whose arrival on the scene has so enthused Steve Bannon — the former Donald Trump adviser and nationalist rabble-rouser. In December, it became the first far-righ...

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