Why did Iceland turn this way? The international trend toward economic liberalization played a role. Free-market economists like Friedrich von Hayek, Milton Friedman and James M. Buchanan all visited the country in the 1980s, influencing not only Mr. Oddsson but many of his generation. In the battle of ideas here, the right won. There was also a common recognition that the old methods did not work. Inflation was proving too disruptive, government companies too inefficient, the subsidies too costly. Ideas conspired with circumstances to bring about successful economic reforms.so we needn't think we're going out on a limb to dream of liberalizing our own markets. we have yet more proof that it can be done and that Keynes was a tool. or we can just sit by and watch india and china eat our breakfast.
think of the children.