Iceland…

40 or 50 years ago, Iceland was a poor, small country. Now, it’s a rich, small country.
What changed?

According to this BBC Article, the country depended alot on whaling (and fishing). They abandoned whaling in 1989. Iceland is cold. It’s a North-Atlantic Island. It’s mostly covered by lava fields and they get most of their heating from underground in the form of geysers and hot-springs. Now, Iceland enjoys one of the highest standards of living in the world. Surprisingly, their economy is developing in new areas such as banking and finance.

So what happened? What’s different now? According to a BBC Business Daily excerpt, they just plain worked hard. That’s it.

~ by Miss Fab on April 16, 2008.