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There are more binding constraints on a small island economy than on a large economy, which gets back to the tacit premises of the "Iceland is too 'Western' to fall prey" argument, which is that if Iceland puts up a determined resistance, it will find a sympathetic hearing in countries that are large enough economically that a transnational has to take their concerns seriously.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Mon Apr 27th, 2009 at 11:03:31 PM EST
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