Domestic Buffer Versus External Shelter: Viability of Small States in the New Globalised Economy

  title={Domestic Buffer Versus External Shelter: Viability of Small States in the New Globalised Economy},
  author={Baldur Thorhallsson},
  journal={European Political Science},
The article, written from a post-financial crisis vantage point, applies Katzenstein's democratic corporatist model to the case of Iceland, and asks if it overlooks an essential message from theory, namely that small states need an external protector in order to survive, economically and politically. The article claims that the model convincingly made the case for how small states can buffer from within but fails to grasp their need for external shelter to cope with risk. In a financialised… 
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