Iceland: Lessons of Crisis

402
DOI: 10.20542/0131-2227-2012-2-81-90

Yu. Korolev, National Research University Higher School of Economics, 20, Myasnitskaya Str., Moscow, 101000, Russian Federation (alasund@yandex.ru).

Abstract. In the last decade of the XXth century Iceland became a peculiar laboratory of neoliberal ideas: the change of economic development models occured – from Scandinavian model, with dominate state participation in the economy, to Anglo-Saxon model, with liberal market regulation mechanisms, primarily in the financial sphere. Icelandic banks, which had grown on a questionable ground, suddenly failed in October 2008. The economy in general was also shaken, and Iceland turned into a textbook example of a financial bubble. The policy of Icelandic government just before and during the crisis is thoroughly analyzed in the article, the crisis recovery program, prospects of transition to the innovation model of the country's economy and interrelations between Iceland and the EU are laid out.

Keywords: Iceland, financial crisis, economic model, internationalization, liberalization, fishery, geothermal energetics, innovation sector, European Union, EFTA


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For citation:
Korolev Y. Iceland: Lessons of Crisis. World Eonomy and International Relations, 2012, no. 2, pp. 81-90. https://doi.org/10.20542/0131-2227-2012-2-81-90



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