A critique of neo-mercantilist analyses of Icelandic political economy and crisis

Claes Belfrage, Eirikur Bergmann*, David M. Berry

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)515-536
Number of pages22
JournalCapital and Class
Issue number3
Publication statusPublished - 1 Oct 2015

Bibliographical note

Publisher Copyright:
© 2015, © The Author(s) 2015.

Other keywords

  • Crisis
  • financialisation
  • Icelandic political economy
  • nationalism
  • neo-mercantilism


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