18 Jul '12, 4pm

The myth of successful Baltic austerity

The myth of successful Baltic austerity

Third, all three are very closely tied to comparatively prosperous neighbours. Scandinavia in general suffered only a shallow recession over 2008-9, while Poland did not experience one at all. During the boom, Baltic states developed “enclave industries” – a few major companies tied very closely to larger capitalist states nearby, like Sweden and Finland. These have driven export growth after the crash, with exports now returning to precrisis levels. Again, however, this has little to do with austerity, and much to do with a happy accident of geography.

Full article: http://www.neweconomics.org/blog/2012/07/18/the-myth-of-s...

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No return to boom

No return to boom

neweconomics.org 17 Jul '12, 4pm

It isn’t enough, though, for government to reverse course. We can’t reset the clock to, say, 2005. We know now that the ap...