The Body Economic (31 page)

18
. S. Fischer, “A Year of Upheaval: The IMF Was Right on High Interest Rates and Immediate Restructuring,”
AsiaWeek Magazine
. Available at:
http://www-cgi.cnn.com/ASIANOW/asiaweek/98/0717/cs_12_fischer.html

19
. P. Krugman explains: “Since the East Asian crisis, the IMF's stance has changed on the use of capital controls. “The International Monetary Fund has cemented a substantial ideological shift by accepting the use of direct controls to calm volatile cross-border capital flows, as employed by emerging market countries in recent years.” In Alan Beattie, “IMF Drops Opposition to Capital Controls,”
Financial Times
, Dec 3, 2012.

Hopkins, “Economic Stability and Health Status.”

20
. Cited in H. Waters, F. Saadah, M. Pradhan. 2003. “The Impact of the 1997–1998 East Asian Economic Crisis on Health and Health Care in Indonesia,”
Health Policy and Planning
v18(2): 179.

21
. Table 9 in V. Tangcharoensathien, et al. 2000. “Health Impacts of Rapid Economic Changes in Thailand,”
Social Science & Medicine
v51:789–807. Available at:
http://www.ncbi.nlm.nih.gov/pubmed/10972425

Cited in Waters, Saadah, Pradhan, “The Impact of the 1997–1998 East Asian Economic Crisis on Health and Health Care in Indonesia,” p. 174.

C. Simms and M. Rowson. 2003. “Reassessment of Health Effects of the Indonesian Economic Crisis: Donors Versus the Data,” The
Lancet
v361:1382–85. Available at:
http://mvw.medact.org/content/health/documents/poverty/Simms%20and%20Rowson%20-%20Reassessment%20of%20health%20effects%20Indonesia.pdf

22
. Cited as: “The use of any health care by children aged 10 to 19 years was particularly affected, declining by 26.8% overall and by 33.0% for public providers between the 1997 and 1998 SUSENAS surveys,” in Waters, Saadah, Pradhan, “The Impact of the 1997–1998 East Asian Economic Crisis on Health and Health Care in Indonesia.”

The clinics also feared that patients would sue doctors for providing substandard care as necessary medicines became unavailable and as people were removed from healthcare subsidy programs.

Asian Development Bank,
Assessing the Social Impact of the Financial Crisis in Asia.
Report RETA 5799. (Manila: Asian Development Bank, 1999); and RAND Corporation, “Effects of the Indonesian Crisis—Evidence from the Indonesian Family Life Survey,” Rand Labor and Population Program Research Brief (Santa Monica, CA: RAND, 1999).

23
. UNAIDS. Country profile: Thailand. Available at:
http://www.unaids.org/en/regionscountries/countries/thailand/

“Thailand's New Condom Crusade.” 2010.
Bulletin of the World Health Organization
v88(6):404–5. Available at:
http://www.who.int/bulletin/volumes/88/6/10-010610/en/index.html

24
.
http://www.thelancet.com/journals/lancet/article/PIIS0140-6736%2808%2960091-4/fulltext

25
. “Thailand's New Condom Crusade.”

26
. Ibid.

27
. AusAid,
Impact of the Asian Financial Crisis on Health: Indonesia, Thailand, The Philippines, Vietnam, Lao PDR,
(AusAid, 2000). See also S. Hopkins, “Economic Stability and Health Status,” in The
Impact of the Asian Financial Crisis on the Health Sector in Thailand
(AusAid, 2000), p. 6.

UN Office for the Coordination of Humanitarian Affairs, “Thailand: Activists Want Rights of HIV-Positive People Protected,” Aug 10, 2006. Available at:
http://www.irinnews.org/printreport.aspx?reportid=60176

28
. Source for Figure 3.1: Adapted from ibid.

29
. V. Tangcharoensathien, et al. 2000. “Health Impacts of Rapid Economic Changes in Thailand,”
Social Science & Medicine
v51:789–807.

In 2001, the Thai Working Group on HIV/AIDS estimated that 4,000 children were born infected with HIV, with the disease transmitted to them from their mothers. With the effective use of drugs, nevirapine, this transmission is avoidable. Hopkins, “Economic Stability and Health Status.”

March 2001 projection of the Thai working group on HIV/AIDS; cited in UNICEF. Chapter 1. Introduction and Summary. Long Term Socio-Economic Impact of HIV/AIDS on Children and Policy Response in Thailand.

In Indonesia, after a similar IMF-imposed 50 percent cut to HIV/AIDS prevention in 1999, there was a 10 percent rise in untreated STDs and HIV in the female population.
“Figures on new admissions of abandoned children (under five and older) from the Social Welfare Department showed an increasing trend during the crisis,” cited in Tangcharoensathien, et al. “Health Impacts of Rapid Economic Changes in Thailand.”

30
. S. Aungkulanon, M. McCarron, J. Lertiendumrong, S. J. Olsen, K. Bundhamcharoen. 2012. “Infectious Disease Mortality Rates, Thailand, 1958–2009,”
Emerg Infectious Diseases
v18(11). Available at:
http://wwwnc.cdc.gov/eid/article/18/11/12-0637_article.htm

31
. Hopkins, “Economic Stability and Health Status”; “Thailand's New Condom Crusade.”

32
. Y. J. Han, S. W. Lee, Y. S. Jang, D. J. Kim, S. W. Lee,
Infant and Perinatal Mortality Rates of Korea in 1999 and 2000
(Seoul: Korea Institute for Health and Social Welfare, 2002).

C. Simms and M. Rowson. 2003. “Reassessment of Health Effects if the Indonesian Economic Crisis: Donors Versus the Data,” The
Lancet
v361:1382–85. Available at:
http://mvw.medact.org/content/health/documents/poverty/Simms%20and%20Rowson%20-%20Reassessment%20of%20health%20effects%20Indonesia.pdf
; UNDP. Human Development Report 2001 (New York: UNDP). Available at:
http://hdr.undp.org/en/reports/global/hdr2001/
. Note that Indonesia has since added eight more provinces for a total of thirty-six.

33
. Mahani Zainal-Abidin, “Malaysian Economic Recovery Measures: A Response to Crisis Management and for Long-term Economic Sustainability.” Available at
http://www.siue.edu/EASTASIA/Mahani_020400.htm

34
. Joseph Stiglitz, “What I Learned at the World Economic Crisis,” The
New Republic,
April 17, 2000.

35
. Based on real economic terms, adjusting for currency devaluation. Waters, Saadah, Pradhan, “The Impact of the 1997–1998 East Asian Economic Crisis on Health and Health Care in Indonesia.”

36
. D. E. Sanger, “IMF Now Admits Tactics in Indonesia Deepened the Crisis,”
New York Times
, Jan 14 1998. Available at:
http://www.nytimes.com/1998/01/14/business/international-business-imf-now-admits-tactics-in-indonesia-deepened-the-crisis.html

37
. S. Kittiprapas, N. Sanderatne, G. Abeysekera, “Financial Instability and Child Well-Being: A Comparative Analysis of the Impact of the Asian Crisis and Social Policy Response in Indonesia, Malaysia, Thailand, and South Korea,” UNICEF office for Thailand; Ch. 9 in G. A. Cornia (ed.),
Harnessing Globalisation for Children
; Hopkins, “Economic Stability and Health Status.”

Waters, Saadah, Pradhan, “The Impact of the 1997–1998 East Asian Economic Crisis on Health and Health Care in Indonesia.”

38
. F. Ardiansyah, “Bearing the Consequences of Indonesia's Fuel Subsidy,” East Asia Forum, May 4, 2012. Available at:
http://www.eastasiaforum.org/2012/05/04/26135/

39. E. Kaiser, S. Knight, “Analysis: Aid Recipients Welcome IMF's Shift on Austerity,” Reuter's, Oct 14, 2012. Available at:
http://www.reuters.com/article/2012/10/14/us-imf-aid-admission-idUSBRE89D0GQ20121014

PART II: THE GREAT RECESSION

Chapter 4: God Bless Iceland

1
. Financial crisis; full statement by Iceland's prime minister Geir Haarde. The
Telegraph.
Available at:
http://www.telegraph.co.uk/news/worldnews/europe/iceland/3147806/Financial-crisis-Full-statement-by-Icelands-prime-minister-Geir-Haarde.html

2
. Cited in H. Felixson,
God Bless Iceland (GuðblessiÍsland)
, 2009.

3
. “Iceland: Cracks in the Crust,” The
Economist,
Dec 11, 2008. Available at:
http://www.economist.com/node/12762027?story_id=12762027
; IMF Country Report, Iceland, April 2012. Available at:
http://www.imf.org/external/pubs/ft/scr/2012/cr1291.pdf
; H. Stewart, et al., “Five Countries That Crashed and Burned in the Credit Crunch Face a Hard Road to Recovery,” The
Guardian
, Jan 3, 2010. Available at:
http://www.guardian.co.uk/business/2010/jan/03/credit-crunch-iceland-ireland-greece-dubai-spain
; “Fighting Recession the Icelandic Way,” Bloomberg, Sept 26, 2012. Available at:
http://www.bloomberg.com/news/2012-09-26/is-remedy-for-next-crisis-buried-in-iceland-view-correct-.html

4
. Even during World War II the Germans seemed to take little notice of the small island, which had declared itself neutral, until the British invaded the island to prevent it being used as a German base.

5
. J. Carlin, “No Wonder Iceland Has the Happiest People on Earth,” The
Guardian,
May 18, 2008. Available at:
http://www.guardian.co.uk/world/2008/may/18/iceland
; Jaime Díez Medrano, “Map of Happiness,” Banco de datos. Available at:
http://www.jdsurvey.net/jds/jdsurveyMaps.jsp?Idioma=I&SeccionTexto=0404&NOID=103

6
. G. Karlsson,
Iceland's 1100 Years: History of a Marginal Society
(London, 2000).

7
. Silla Sigurgeirsdóttir and Robert H. Wade, “Iceland's Loud No,”
Le Monde Diplomatique,
Aug 8, 2011. Available at
http://mondediplo.com/2011/08/02iceland

8
. BBC. 2006. Foreign banks offer best buys. Radio 4, Money Box. Available at:
http://news.bbc.co.uk/2/hi/programmes/moneybox/6051276.stm
; “Customers Face Anxious Wait Over Fate of Icesave Accounts,” The
Guardian,
Oct 8, 2008. Available at
http://www.guardian.co.uk/money/2008/oct/08/banks.savings
; Sigurgeirsdóttir and Wade, “Iceland's Loud No.”

9
. World Bank World Development Indicators.

“From Capital Flow Bonanza to Financial Crash,”
Vox,
Oct 23, 2008. Available at
http://www.voxeu.org/article/capital-inflow-bonanza-financial-crash-danger-ahead-emerging-markets

“Better Life Index,” OECD. Available at
http://www.oecdbetterlifeindex.org/countries/iceland/

10
. H. H. Gissurarson, “Miracle on Iceland,”
Wall Street Journal,
Jan 29, 2004. Available at:
http://online.wsj.com/article/0,,SB107533182153814498,00.html
. Cited in R. H. Wade, and S. Sigurgeirsdottir. 2011. “Iceland's Meltdown: The Rise and Fall of International Banking in the North Atlantic.”
Revista de EconomiaPolitica
v31(5). Available at:
http://www.scielo.br/scielo.php?pid=S0101-31572011000500001&script=sci_arttext
; see also Arthur Laffer, “Overheating Is Not Dangerous,”
Morgunblaðið,
Reykjavik, Nov 17, 2007.

11
. Danske Bank, “Iceland: Geyser Crisis,” 2006; Robert Wade. 2009. “Iceland as Icarus,”
Challenge
v52(3): 5–33; R. Boyes,
Meltdown Iceland: Lessons on the World Financial Crisis from a Small Bankrupt Island
(New York, 2009); Speech by Geir Haarde to the 2008 annual meeting of the Central Bank of Iceland. Cited in Robert H. Wade and Silla Sigurgeirsdóttir. 2010. “Lessons from Iceland,”
New Left Review
v65:5–29. Available at:
http://newleftreview.org/II/65/robert-wade-silla-sigurgeirsdottir-lessons-from-iceland

12
. See Felixson,
God Bless Iceland.

13
. EuroStat 2012 edition. Brussels, European Commission. “Hundreds in Iceland Protest Foreclosures,”
Agence France Presse,
Oct 1, 2010. Available at:
http://www.google.com/hostednews/afp/article/ ALeqM5ikamLDTVrWkyqkkLOHx8a89nNPQA?docId=CNG.c41a43301a2a0ba462c063759615c08e.ad1

14
. “Iceland: Britain's Unlikely New Enemy,” BBC News, Oct 15, 2008. Available at:
http://news.bbc.co.uk/1/hi/magazine/7667920.stm

15
. Nordic countries did supply Iceland with aid funding to spur recovery. For an analysis of Iceland's stark rise in inequality, in which 1 percent of the population accrued an additional 10 percentage points of the population's total income between 2004 and 2007, see S. Olafsson and A. S. Kristjansson. 2011. “Income Inequality in a Bubble Economy—The Case of Iceland 1992–2008.” LIS—Luxembourg Income Study Conference, Inequality and the Status of the Middle Class, Luxembourg June 28–30, 2010. Available at:
http://www.lisproject.org/conference/papers/olafsson-kristjansson.pdf
; “Iceland Faces Immigrant Exodus,” BBC, Oct 21, 2008. Available at:
http://news.bbc.co.uk/2/hi/europe/7680087.stm
; L. Veal, “Iceland: Recovering Dubiously from the Crash,”
Al Jazeera
, Jan 31 2012. Available at:
http://www.aljazeera.com/indepth/features/2012/01/2012131144757624586.html

16
. T. Gylfason, et al., “From Boom to Bust: The Iceland Story.” Ch. 7 in
Nordic Countries in Global Crisis: Vulnerability and Resilience
(2010), p. 157. Available at:
http://www.etla.fi/wp-content/uploads/2012/09/B242.pdf