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This paper uses theories of small states (e.g. Katzenstein) and nationalism (e.g. Gellner) to explain why Denmark and Ireland responded to the 2008 financial crisis in different ways. In Denmark, a coordinated market economy with considerable corporatism and state intervention, the private sector shouldered much of the financial burden for rescuing the banking sector. In Ireland, a liberal market economy without much corporatism or state intervention, the state shouldered the burden. The difference stems in large part from the fact that Denmark had comparatively thick institutions and a strong sense of nationalism whereas Ireland did not. Lessons for the theories of small states and nationalism are explored.

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Small States, Nationalism and Institutional Capacities: An Explanation of the Difference in Response of Ireland and Denmark to the Financial Crisis

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Small States, Nationalism and Institutional Capacities: An Explanation of the Difference in Response of Ireland and Denmark to the Financial Crisis