How Iceland Got into and Out of Its Crisis

Economists speak of the invisible hand of the market, correcting the market when an imbalance arises. In Iceland, the imbalance had become such that an invisible guillotine was formed. Practically all the power attained by a few individuals evaporated overnight. The entire business elite was suddenly nowhere to be seen; a power structure with a grip on the media, business, even the arts, disappeared in a single week. A new government came into power, people who'd been active in the demonstrations formed a political party and got representatives elected into parliament. A decades-long process of privatization of state businesses and industries was almost fully reversed – without the revolution being ideological or bloody. We have arrived back where we started. Such a void is an incredibly interesting position – frightening, full of dangers and opportunities, full of uncertainties. Very interesting times.