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Between the lines: Small countries looking best placed for recovery



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Published Date: 15 October 2008
By George Kerevan
SIZE matters, in economics as well as other things. The collapse of the Icelandic banking system has raised questions about the economic viability of small nations, especially in the current global financial crisis. Could an independent Scotland have bailed out RBS and HBOS or are we lucky that Gordon Brown was in charge, not Alex Salmond?
Economists have long argued over the optimal size for a national economy. A big nation state has the advantages of a wider internal market; economies of scale; and the ability to provide collective fiscal "insurance" if a particular region or busines...



The full article contains 1100 words and appears in The Scotsman newspaper.
Page 1 of 1

 
1

ochone,

Sauchie, Clack's 15/10/2008 00:14:49
George you are not going to be popular in certain unionist circles but then those who tell the truth are very often unpopular in certain quarters
2

Richardinho,

15/10/2008 00:40:48
It's all swings and roundabouts really isn't it? Personally I feel that the banking system will not collapse, but we will go into recession. I base this on the fact that cycles of boom and bust have occurred since time immemorial-the idea that somehow we had conquered this economic cycle was always likely to be an illusion.
But by the same token, we will come out of it, and so will Ireland, Norway and even Iceland.
3

donald,

glasgow 15/10/2008 06:20:13
Don't see Iceland begging to be rueld by London
4

cc58,

Glasgow 15/10/2008 09:43:22
sm753 could you please rise above small minded party politics and put Scotland first! I do not know how much you know about economics but over the last 200 years all the successfull economies had certain things in common - low interest rates, able to borrow money for investment at sensible rates, high standards of education, modern plant, high productivity or cheap labour or both, a large internal market or established trading partners, low personal debt, and most important a balance of payment surplus. Sweden, Norway, Ireland etc are all ahead of the UK and that's why they will do better. PS I'm not a Nat but I am Scottish.
5

AM2,

Scotland,UK 15/10/2008 21:20:39
#5 cc58

Low personal debt?! Ireland's is 190% of GDP, the highest in the developed world!
6

AM2,

Scotland,UK 15/10/2008 21:25:53
#3 donald

We're not "ruled by London".

Now, Iceland. Watch this space. Iceland's currency is essentially worthless in the rest of the world. They can't pay for imports. How long before they seek to join the European Union?

 

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