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 Post subject: Opinions Please - Ignoring Free-Market Dogma
PostPosted: Fri Jun 03, 2011 11:53 pm 
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Will it take off?


http://www.guardian.co.uk/commentisfree ... al-markets

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Last edited by Kate P on Sun Jun 05, 2011 7:34 am, edited 1 time in total.
Clarify title


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 Post subject: Re: Opinions Please
PostPosted: Sat Jun 04, 2011 9:22 am 
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monkeywrench wrote:



Quote:
Yet looking at the two countries now, it's hard to say that Ireland has prospered out of being orthodox, or that Iceland has suffered an especially terrible punishment for not sticking to the Way of the Markets


What we are doing is not orthodox at all.

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 Post subject: Re: Opinions Please
PostPosted: Sat Jun 04, 2011 9:51 am 
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Makes your blood boil

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 Post subject: Re: Opinions Please
PostPosted: Sat Jun 04, 2011 10:43 am 
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Quote:

Iceland was a country wrecked by implementing free-market dogma crudely and quickly; it may yet became another such lesson of how an economy can ignore free-market dogma – and come out far better than its critics predicted.



Eh? I thought what Iceland did was implement free-market dogma and NOT bail-out private sector losses?


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 Post subject: Re: Opinions Please
PostPosted: Sat Jun 04, 2011 10:45 am 
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polaris wrote:
Quote:

Iceland was a country wrecked by implementing free-market dogma crudely and quickly; it may yet became another such lesson of how an economy can ignore free-market dogma – and come out far better than its critics predicted.



Eh? I thought what Iceland did was implement free-market dogma and NOT bail-out private sector losses?


The article is just an anti-capitalist rant. What would you expect? It's The Guardian.

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''Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it'' Thomas Sowell.


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 Post subject: Re: Opinions Please
PostPosted: Sat Jun 04, 2011 11:09 am 
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The article is a bit disingenuous. It notes, near the end and almost in passing:

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Now, this is a picture that needs more qualifications than a brain surgeon. For a start, you wouldn't wish Iceland's fate on any economy. Huge spending cuts are still to kick in, and a lot more pain is in store. Thor Gylfason, an economist at the University of Iceland, reckons it will take another seven to 10 years before his country recovers from one of the worst economic disasters in recent history. This will be a long, slow haul.



That sounds pretty much identical to what Ireland is facing into. Albeit our adjustment might be more severe as our current account overspending is probably worse than Iceland's.

Which only leaves the approach to banking debt as the main difference between us. And if Ireland does not end up paying that debt and it gets massaged away in/by 2013, then really any suggestion of a gaping chasm between Ireland's and Iceland's approach is overstated. The history books might note that the only real difference was that, as EU members, Ireland had to go through some fancier and somewhat more prolonged choreography to get rid of "its" banking debts than Iceland did.


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