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Book title: Small States in a Global Economy – Crisis, Cooperation and Contributions

Author: Hilmar Þór Hilmarsson, Ph.D. (University of Akureyri, Iceland)

Publisher: Nova Science Publishers, Inc

Series: Economic Issues, Problems and Perspectives

Binding: Hardcover

Language: English

ISBN: 978-1-63463-032-0

Status: Available


Book Description:
In an era of globalization, no country can be an island disconnected from the rest of the world and small states are now integrated in the global economy. The analysis in this book shows that the experiences of small states can be valuable for other countries but at the same time, small states can be vulnerable. This book discusses several issues that are of global importance and analyses how small states are affected, why they can be vulnerable and how their experiences can be beneficial globally, including for larger states. The issues discussed include the 2008 global economic and financial crisis; governance issues and vulnerabilities in small states with small institutions and limited administrative capacity; international development cooperation; and how small states can contribute to the global transition to clean energy. Each chapter is a case study. The first chapter discusses how Iceland and Latvia were affected by the 2008 crisis, how they responded and what the post crisis results are both economically and in terms of human progress. The second chapter talks about governance failure in Iceland that resulted in excessive expansion of its banking system and then the total collapse of its financial system. It also discusses the response of the international community, failures in EU financial integration, and tensions between Iceland and “friendly” nations that refused to assist the Icelandic government when it tried to rescue its banking system. The third chapter discusses how the Baltic States, which have transformed themselves from being provinces in the former Soviet Union into modern states, can assist other less advanced transition countries. The chapter argues that the transition experience of the Baltic States can be particularly relevant to emerging countries in Europe and Central Asia. The fourth chapter discusses Iceland’s unique transition to clean energy and how it could assist developing countries in their quest to utilize more of their own clean energy sources for their own as well as for global benefit. In this chapter the role of international financial institutions is analysed to show how they, in partnership with a small country like Iceland, can contribute more effectively to the global transition to clean energy in developing countries. The fifth and final chapter is a concluding chapter that discusses what lessons can be learned from the previous chapters, challenges small states are faced with in a global world, and how they can contribute constructively to the development and wellbeing of other countries globally. (Imprint: Nova)


Table of Contents:
Preface pp.ix-xi

Acknowledgements pp.xiii-xiv

Acronyms and Abbreviations pp.xv-xvi

Introduction pp.xvii-xxviii

Chapter 1. Small States during a Global Economic, Financial and Social Crisis – Successes, Failures and Vulnerabilities. Did They Own Their Reform Programs? The Case of Latvia and Iceland pp.1-32

Chapter 2. Iceland’s Cross Border Banking Expansion: Dishonesty or Incompetence? pp.33-70

Chapter 3. Small States As Contributors to International Development Cooperation. Can the Baltic States Make a Difference Globally and How? What Lessons Can They Learn from the Scandinavian Countries? pp.71-106

Chapter 4. Small States and the Global Transition to Clean Energy. Can Iceland Make a Difference in Developing Countries in Partnership with International Financial Institutions? pp.107-142

Chapter 5. Small States in a Global Economy. Discussion, Lessons Learned and Conclusion pp.143-162

About the Author pp.167-168

Index pp.169-182


Editorial Reviews

“Professor Hilmarsson shows that no single strategy fits all circumstances. Strategies such as working closely with a group of larger nations (or not doing so), can bring benefits but also costs when relationships involve conflict of interest. Hilmarsson, with his broad academic background and experience, work on three continents as a staff member of the World Bank Group, and advisor to Iceland's foreign minister, was well placed to make a substantial contribution to the burgeoning small states literature.” - Reviewed by Thráinn Eggertsson, Professor of Economics, University of Iceland

“Professor Hilmarsson has rescued small states like Iceland from the simplistic, stereotypical explanations of their behavior that dominates so much international analysis. I will be recommending this book to all of my friends and colleagues who have been misled by recent popular media treatment of the Icelandic and Latvian economic and political situations and want to better understand how small states actually operate in the global arena.” - Reviewed by Dr. Elisabeth Ida Ward , Director, Scandinavian Cultural Center, Pacific Lutheran University, USA

“Professor Hilmarsson offers an interesting analysis of a wide range of small states issues. This includes how small states can help solve some of the world's greatest problems, including the transition to clean energy and the transition to a market economy. It also shows that small states do not react uniformly to international financial crises. Some emphasize close cooperation with international organizations while others are more likely to pursue bilateral relations or even act unilaterally.” - Reviewed by Professor Ligita Šimanskienė, Klaipėda University, Lithuania

“This is an important contribution to the small states literature. In this book Professor Hilmarsson shows how small states like Latvia and Iceland can become vulnerable during times of economic and financial crisis, especially when confronted by larger states and international organizations, including international financial institutions. The ideas in this book are likely to prompt discussion and debate.” - Reviewed by Professor Dr. Erika Sumilo, Head of the Department of International Economics and Business, University of Latvia


“Well written and thoughtful. An excellent exercise.” Reviewed by Michal C. Moore, Ph.D. Energy & Environmental Policy Distinguished Fellow, School of Public Policy and Professor of Energy Economics, Department of Economics, University of Calgary