[jpfromlondon]

Counter-cyclic fiscal policy and QE does work, absolutely, but it's likely dependent on size of economy because in most cases austerity works better...but in most cases the economies are much smaller than America's; Ireland, Estonia, Latvia, Lithuania, Italy, Greece (since austerity was forced upon it), HK, Britain could likely've been more austere during the GFC and seen more growth.

Then again although not comparable to America's it's possible that the British economy was/is large enough to sustain even more liberal fiscal policy but given the dependence on import and that it's primarily a service economy I doubt it.

America is truly exceptional.

[inigyou]

I thought austerity failed every time it was tried. When didn't it fail?

[jpfromlondon]

The examples I gave, primarily post GFC, except in the case of Greece the caveat is that although initially caused by the GFC the sovereign debt crisis marks it as distinct from the other economies listed.

HK under JJ Cowperthwaite (1961 to 1971), but more generally since then and especially pre '97.

[ben_w]

Singapore, I'm told, from someone who lives there. I don't really follow their politics so take this with a pinch of salt appropriate for hearing things on the grapevine.