Iceland proves the nation state is alive and well


by Bill Mitchell, May 31, 2016

On May 27, 2016, Statistics Iceland (the national statistical agency) released the news – Iceland economy to grow by 4.3% in 2016.  The nation is enjoying strong household consumption and investment growth and tourism is driving export growth.  Inflation is low and the exchange rate, which depreciated sharply during the crisis, is stable, if not steadily appreciating again.  Compare that to the Eurozone Member States, which are in varying states of moribund.  We also learned this week that the Icelandic government has increased the intensity of its capital controls and is forcing speculative capital to behave itself.  For those who think the state is dead, particularly those on the Left who promote grand (delusional) schemes of a Pan Europe Democracy as the only way of taking on the powers of corporations, Iceland proves that neo-liberalism has to work through the legislative capacities of…

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