A critique of neo-mercantilist analyses of Icelandic political economy and crisis. (October 2015)

• Record Type: Journal Article
• Authors: Belfrage, Claes; Bergmann, Eirikur; Berry, David M.
• Is Part Of: Capital & class. Volume 39:Number 3(2015)
• Page Start: 515
• Page End: 536
• Publication Date: 2015-10
• Subjects: Crisis -- financialisation -- Icelandic political economy -- nationalism -- neo-mercantilism; Economics -- Periodicals; Socialism -- Periodicals; 330.05
• DOI: 10.1177/0309816815602082
• Languages: English
• ISSNs: 0309-8168

Abstract

Iceland's journey from rags to riches in the 20th century is related, in the dominant discourse, to its gaining independence in 1944. This discourse played a significant role in both the legitimation of the finance-dominated growth model in the 1990s and 2000s and in the latter's defence as it came under scrutiny before its collapse in October 2008. It is therefore ironic – or perhaps, in some sense, logical – to find dominant analyses of the crisis arising from the neo-mercantilist tradition. Drawing on Marxist critiques of neo-mercantilism, we challenge these interventions and thus seek to redress the neglect of social struggle in the dominant discourse.