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Articles in English

14.9.2016
WHAT´S WRONG WITH EUROPE – AND WHY DON´T YOU FIX IT?

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9.9.2016
WHAT CAN WE LEARN FROM THE NORDIC MODEL?

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31.3.2016
HOW TO SAVE CAPITALISM FROM THE CAPITALISTS - AND DEMOCRACY FROM THE PLUTOCRATS?

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15.2.2016
The Transition from totalitarianism to democracy: WHAT CAN WE LEARN FROM THE BALTIC ROAD TO FREEDOM AND POST-INDEPENDENCE EXPERIENCE?

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10.2.2016
„SOLIDARITY OF SMALL NATIONS: UTOPIAN DREAM OR PRACTICAL POLITICS?

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All articles in English

5.9.2013

On the Icelandic Way and Capital controls

In a recent book „Ísland ehf. auðmenn og áhrif eftir hrun“ – Iceland ltd., the Oligarchs and their Influence after the Crash – (Vaka/Helgafell, 2013) the authors, Magnús Halldórsson and Þórður Snær Júlíusson, both economic analysts in the media, give an overview of the „Icelandic way“ after the crash 2008. Specifically they try to estimate the ongoing transfer of wealth and the subsequent polarization of society. In the final chapter (p.205-292) they deal with the Icelandic experience of IMF-imposed capital controls. They were meant to be a short-term fix, but have now lasted almost five years. Here are some of the highlights of their coverage:


As a matter of fact there were on-going discussions with representatives of the investment arm of the People´s Bank of China. This was one further sign of the gradually emerging long-term interest of China to secure itself a stake in the promising developement in the High North. New major shipping lines and access to valuable resources, due to climate change and the melting of the ice-cap in the High North, are a powerful incentive for Chinese involvement up North. Previously, a CP-sponsored Chinese billionaire had proposed to buy 3% of Iceland, in the destitute interior, to develope golf-courses and luxury hotels. This plan has so far failed to come through. But what China obviously needs, in order to establish its presence in the High North, is a secure harbor and transportation hub. Iceland´s financial- and economic crisis maybe China´s opportunity in the region (see p. 267).

Was anyone saying that Socialism was dead?
This would be a remarkable result of the Neo-liberal experiment on Iceland during the crazy decade 1999-2008.

Jón Baldvin Hannibalsson The author was Minister of Finance and Minister for Foreign Affairs and External Trade of Iceland 1988-95

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