A Lesson From Iceland

"Hey, look at Iceland!

Stuck in the economic doldrums just a few years ago, Iceland today is enjoying an explosion of prosperity.

In fact, Iceland is now one of the world's richest nations, according to the World Bank. And it's arguably the wealthiest European country.

The economy is growing rapidly. The GDP (Gross Domestic Product) has grown about 50% since 1995. And the benefits are being felt throughout Icelandic society. Unemployment has almost disappeared -- dropping below 2 percent.

As a writer for the UK Spectator bluntly put it: "Today, Icelanders are absolutely rolling in it."

So what happened? Lots of lucky lottery ticket winners? Nope. Beginning around 1990, Icelandic leaders -- inspired by visits from libertarian free-market thinkers like Friedrich Hayek, Milton Friedman and James Buchanan -- instituted bold, fundamental free-market reforms.

Taxes were slashed, for both individuals and businesses. Personal income tax rates were cut from 33 percent in 1995 to 22.75 percent. The corporate tax rate was cut from 55 percent to 18 percent -- and a further cut to 10 percent is under consideration. A cumbersome income tax was replaced with a flat tax. Wealth and estate taxes were slashed. Major segments of the economy were deregulated. Numerous government services were privatized. Monetary policy was stabilized; inflation, which hit 100% in 1983, is down to 2-3% today. Government debt was hacked away. Private property rights were created for fisheries, a major Icelandic industry. And so forth.

Due to such market-oriented reforms, between 1990 and today Iceland rose from 26th to 9th in the Economic Freedom of the World rankings (a respected annual ranking of countries by the amount of economic freedom they permit).

The result: Iceland is enjoying the same remarkable progress that other countries around the world which have adopted similar policies have also seen.

Lesson, anyone?"

An excerpt from this issue of the liberator online:
http://www.theadvocates.org/liberator/vol-12-num-6.html#GBU
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>>49

http://ministryofhealth.is/Information/nr/677

let me quote for you:

"The Ministry of Health and Social Security is responsible for the overall administration of health affairs and matters relating to social security insurance other than unemployment insurance.The health sector is regulated according to the Health Service Act of 1990 by which all inhabitants have right of access to the best possible health service at any given time for the protection of their mental, social and physical health."


"The health service in Iceland is primarily financed by central government. Financing is mainly based on taxes or 85% and 15% is fee for service."

if a health care service which is regulated and funded by the government isn't socialist influenced, what is it?
The icelandic health care system is very well set up, very efficient, and very good, but it's not particularly... capitalist?

Like japan, traditional icelandic diet consists largely of fish and alternative dairy products like goats milk and cheese etc. all which are healthy and good for you and have been shown to make you live longer. There are far more factors to living long than "lol nice hospital" although iceland does have those.