But, as the CEPR argues, if this is success, it's terrifying to think what failure would look like. Despite the bailout, Latvia suffered the largest decline in economic output of anywhere in the world between 2007 and 2009 – a 24% drop in GDP. Unemployment quadrupled; and that doesn't include the
John Gallagher and Ronald Robinson, "The Imperialism of Free Trade," The Economic History Review, Second series, Vol. VI, no. 1 (1953))
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