breytingaskeiði
Breytingaskeiði, commonly known as the "Icelandic Transformation," refers to a period of significant economic and social change in Iceland during the late 20th and early 21st centuries. This transformation was marked by rapid privatization, deregulation, and the expansion of foreign investment, particularly in the financial sector. The process began in the 1990s following Iceland’s economic liberalization and its accession to the European Economic Area (EEA) in 1994, which opened the country to greater integration with European markets.
One of the most notable aspects of breytingaskeiði was the rapid growth of Iceland’s financial sector, which
The transformation had mixed effects on Icelandic society. While it contributed to economic growth and increased
In response, Iceland implemented strict austerity measures, including the nationalization of failed banks and the prosecution