In April 2007, I traveled to Iceland to investigate what was then being called a "miracle economy." The Icelandic people had one of the highest incomes in the world and Icelandic banks and companies were buying up huge swathes of the British High Street. How was a nation of 300,000 able to dominate over so much of the economy of 60 million?
Everyone I met in Iceland gave me some improbably complicated explanation for the economic miracle, but I...
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