Krugman : The Icelandic Post-crisis Miracle

Iceland is, of course, one of the great economic disaster stories of all time. An economy that produced a decent standard of living for its people was in effect hijacked by a combination of free-market ideology and crony capitalism; one of the papers (pdf) at the conference I just attended in Luxembourg shows that the benefits of the financial bubble went overwhelmingly to a small minority at the top of the income distribution.....

http://krugman.blogs.nytimes.com/2010/06/30/the-icelandic-post-crisis-miracle/