In the brief final section, Blyth insightfully explains what he thought would have happened if we had avoided Austerity. Blyth discusses Irelands last attempt to stop the collapse of the economy – NAMA. This is known as a ‘Bad bank’ and was set up to take the ‘bad assets’ of the banks’ balance sheets. Ireland being a prime example of how austerity plays out, can be compared to Iceland and how they didn’t entertain the idea of austerity. Iceland was in a worryingly bad condition with its “GDP ratio in 2007 (being) nearly 1000 percent” (Blyth 2013, p.237). Iceland played to their own rules, and let their banks collapse, let the Króna devalue, put capital controls in place and supported welfare issues. Although it wasn’t easy, Iceland was on track
