"The economy of Iceland is small but well-developed (most developed in the world according to United Nations Human Development Index), with a gross domestic product estimated at US $ 12.172 billion (132nd of 227 countries) in 2005 (and a per capita GDP of $40,277, which is among the world's highest).[1]
In 1990s, Iceland commenced extensive free market reforms and growth has been strong. Iceland has a free market capitalist economy with high levels of free trade. Government consumption is less than in other Nordic countries. Social expenditure is below most of western Europe.
Today, Iceland has some of the world's highest levels of economic freedoms[2] as well as civil freedoms." Wikipedia October 7 2008
Let's all watch for the updates, shall we? So that's what happens to a small country whose economy is totally overtaken by the wizards of high finance. I'm afraid it's back to those cod boats for Magnus Magnussen's folk.
& what now for Britain, as the august Royal Bank of Scotland loses 35+% of its' value in a morning? That's almost as bad as the Darien scheme.
So is it time for a 'structural adjustment', as the view from Oxford's dreaming spires would suggest? Fine - that chimes with much Left-Liberal thinking about the disproportionate influence of the City on our economy. But a structural adjustment to what, precisely? The metal bashing jobs have gone to Asia and aren't coming back..
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