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When Small Countries Crash

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1690s Scotland, 1930s Austria, 2008 Iceland — all are small countries that suffered economic collapses. Scott MacDonald and Andrew Novo’s new book argues that small nations are especially vulnerable and ill-equipped to rebound. “You have a limited universe of talent to draw from,” MacDonald says. “It does function in some ways like a limited gene pool.” Lest Lesotho and Kiribati despair, they might consider the success of pint-size Luxembourg, which has kept its ambitions modest and separated its political and economic spheres. In other words, it’s time for Iceland’s corporate Vikings to dock their longships.
— Michael Silverberg

Mon, January 31

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When Small Countries Crash

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