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When Small Countries Crash (Paperback)
Loot Price: R1,408
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When Small Countries Crash (Paperback)
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The public is fascinated with financial crashes. Historians portray
the roar of an angry mob toppling presidents or prime ministers and
destroying the property of those who are regarded as malefactors.
And certainly, financial crisis is often a factor in political
change. It is often overlooked, but nonetheless significant that
one of the major causes for the French Revolution was the poor
state of finances, with the nation coming to bankruptcy. Large
systemic financial crises create history. Various actors, big and
small, become caught in the drama, contributing to it in their own
special way. When Small Countries Crash seeks to capture some of
the drama of financial collapses and their impact on small
countries, which the authors define as populations under 10
million, generally 5-6 million. MacDonald and Novo have selected
countries that have had a financial crisis in the national economy;
that included key actors; and where access to reliable data is
available. As the authors demonstrate, the story of small countries
suffering the costs of financial missteps is long and painful. They
argue that smaller economies tend to be more vulnerable to economic
shocks, many of which are externally generated. Small economies
confront particular challenges in terms of economies of scale,
diversification, and depth of expertise and workforce. The chapters
in this absorbing book focus on Iceland, Latvia, Ireland, the
Caribbean, Scotland, Finland, and Albania. This in-depth study is
unique in its close look at financial disasters in countries that
have, until now, been overlooked.
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