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How does the economy of Iceland work - Essay Example

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Summary
The country has a mixed economy whose free market approach has facilitated economic growth. This paper seeks to discuss the country’s economy. The paper will explore how the economy works towards its sustainability.
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How does the economy of Iceland work
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How does the economy of Iceland work

Download file to see previous pages... As opposed to a purely capitalistic economy, the mixed economy in Iceland ensures regulated private ownership and safeguarded welfare of the citizens, a feature that limits exploitation of the public and concentration of resources in the hands of few individuals at the expense of other citizens. The country’s economy also operates through investments into creation of employment opportunities. Reported data on the country’s economy for instance indicates low unemployment rates, an indication that job creation is a prioritized economic policy (CIA, p. 1).
One of the core bases of the Iceland’s economic sustainability is its fishing industry. According to CIA statistics, the industry is responsible for about 12 percent of the country’s economy and is a source of employment to at least seven percent of the country’s population. The fishing industry also sustains Iceland’s economy through the vast export of the fishery products. Contributing about 40 percent of the country’s export identifies fishing as a major source of foreign exchange to the country. The export aspect from fishing industry also indicates the country’s involvements and derived benefits of international trade. International trade is therefore another base for Iceland’s economic functionality and sustainability and includes other exports other resources such as metal ores. The economy is also characterized by significant foreign investments. With cheap energy sources such as geothermal power, the country has been able to attract investors from across the world. Investments in the economy have also undergone diversification towards exploration and exploitation of different available resources in the country. Further, the country has been able to attract foreign revenues through foreign investments by its domestic industries such as its financial institution. The ...Download file to see next pagesRead More
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