At the heart of the Scottish referendum campaign is the question of whether Scotland could really thrive as a small European state. At one time, the nationalists pointed for inspiration to the “arc of prosperity” of small northern European countries. After the crash of 2008 brought down Ireland and Iceland, their unionist opponents lampooned the “arc of insolvency”. Both images were profoundly misleading.
Bibliographical noteMalcolm Harvey receives funding from the Economic and Social Research Council for the Scottish Centre on Constitutional Change.
Michael Keating does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
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