Scholarly Comments on Academic Economics

Icelandic Liberalism and Its Critics: A Rejoinder to Stefan Olafsson


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In 2017, I published papers on Icelandic liberalism in this journal. The first part describes Iceland’s liberal heritage of the 19th and 20th centuries. The second part treats the extensive liberal reforms of 1991–2004 and their critics, and the 2008 Icelandic bank collapse and anti-liberal narratives about it. The journal invited Professor Stefan Olafsson to respond, as he had been mentioned in my paper as a leading critic of the liberal reforms and a proponent of (what seems to me to be) an anti-liberal narrative on the bank collapse. His composition stands in need of some corrections and comments.