“The boom years were an unsustainable feast” on credit. After Iceland allowed its over-levered banks to go bust, the country is moving back to more conventional values and an interest in traditional Nordic ideals like social equality. The model offers hope to other countries who after 5 years of bank bailouts on the public purse, must now admit mistakes and follow Iceland’s lead.
Stefan Olafsson, sociology professor at the University of Iceland, discusses changes in Iceland’s society following the collapse of the economy. Here is a direct link.
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