Iceland: Lessons of Crisis

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 (

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

Registered in System SCIENCE INDEX

For citation:
Korolev Y. Iceland: Lessons of Crisis. World Eonomy and International Relations, 2012, no. 2, pp. 81-90.

Comments (0)

No comments

Add comment






Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies


Current Issue
2024, vol. 68, No. 7
Topical Themes of the Issue:
  • The Supporting Structure of Global Security
  • Institutional Features of the Fourth Energy Transition
  • The Evolution of Modern German Christian Democracy
  • The Monarchies of the Persian Gulf and Central Asia
Submit an Article
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.