Doing the opposite of the austerity playbook produces recovery and equality

Evidence

Iceland not only survived letting its banks go bust, it became a healthier and more equal society in doing so. Although Ireland is a small country, and Iceland is literally the size of a city, and a small one at that, perhaps there are still, in the comparison of these states, two key lessons for the natural history of austerity. First, when you do the exact opposite of the austerity playbook, you not only survive, you prosper. Second, above all, don’t bail your banks. — Mark Blyth, Austerity, 649