Abstract
Political economists usually study small states to understand the secrets behind their success. This article examines the reasons for their failure. Greece is the most obvious example of a small state that has not managed to navigate the global economic and financial crisis successfully. But Greece is hardly alone. Hungary, Iceland, Ireland, Latvia, and Portugal have also struggled in the crisis although they have little in common with Greece. Meanwhile, countries that share many Greek characteristics, such as Italy, managed to hold out much longer. This suggests that the explanation for small country failure is structural rather than country-specific. The implication is that all countries are potentially at risk.
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jones, e. Getting to Greece: Uncertainty, Misfortune, and the Origins of Political Disorder. Eur Polit Sci 12, 294–304 (2013). https://doi.org/10.1057/eps.2012.35
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DOI: https://doi.org/10.1057/eps.2012.35