A Shining Neoliberal City on the Hill, Belly Up


“Last year the Heritage Foundation declared Ireland the third freest economy in the world, behind only Hong Kong and Singapore.

The Irish government now predicts that this year G.D.P. will fall more than 10 percent from its peak, crossing the line that is sometimes used to distinguish between a recession and a depression.

And the lesson of Ireland is that you really, really don’t want to put yourself in a position where you have to punish your economy in order to save your banks.”

From Krugman, Paul. 2009. “Erin Go Broke.” The New York Times, April 19.

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