Rethinking Iceland’s Recovery

Like many economic events, the key lies not in what is immediately apparent — explosively large banks — but in those causes and conditions that are veiled. Politicians, pundits, and the population of the Icelandic nation have had a difficult time explaining how such a large financial sector could develop in the first place.

Ideas Can Overthrow Regimes

These tell-tale signs of a dictatorship all reinforce Mises’s observation: the regime can only last if it maintains the illusion that it is beneficial to the masses. Mere physical strength is not sufficient, because it is ultimately ideas that determine which way the soldiers and police point their guns.