By Luca Lombardi
In Defence of Marxism
02 November 2011
As Europe teeters once more, staring financial collapse and slump in the face, we provide an analysis of what happened in Iceland, the first country to go under as a result of the global crisis of capitalism.
Before the crisis erupted, Iceland, a remote Atlantic island, with the inhabitants of a medium sized European city, was a country famous for its natural wonders visited by many people from all over the world as well as for its music. The collapse of the country’s three major banks (Kaupthing, Landsbanki and Glitnir) led to financial disaster and street protests that toppled the government.
Read more HERE.