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Finland has successfully brought their economy back from the brink. They definitely did not do it by bailing out failing businesses. I highly recommend reading
by getsat 15y ago
Finland has successfully brought their economy back from the brink. They definitely did not do it by bailing out failing businesses.
I highly recommend reading "The Information Society and the Welfare State" which covers Finland's economic recovery and business/innovation culture.
- dirtyaura 15y agoActually, we did bail out banks in 90s. However, drawing parallels to current situation is not necessarily relevant as Finland's economic crisis happened in quite unique conditions due to collapse of USSR. There was no Western European (in political sense) country which was as depended in exports to USSR. Situation in Japan in 90s seems much more relevant to situation that US and Europe are currently facing. A few hours ago I HN-posted a link to an interesting video where Mr. Koo explains how Balance Sheet Recession (Japan in 90s, US now) is different than traditional recession (he is in favor of fiscal stimulus) http://news.ycombinator.com/item?id=2846561 http://news.ycombinator.com/item?id=2846561
- getsat 15y agoAh, interesting. I wasn't aware of a bank bailout. Thanks for the info/link.