The Political Economy of Northern Regional Development

Vol. I

image of The Political Economy of Northern Regional Development

“...Taking the structure and functioning of the Arctic regional economies and the degree of economic dependence as a point of departure, these region’s self-reliance and comparative socio-economic performance is analyzed. The fundamental problem is still the dependency Arctic regions have on their mother economies in the south” “...the impact from climate changes and the global economy strongly influence the self-sufficiency constraints and potentials of the Arctic societies. Traditional approaches to economic valuation may not be sufficient to capture these relationships. Neo-classical economics and the trade off model look upon nature as a good commensurable with all other goods, and henceforward there is a substitution possibility. The rational self-interest and ‘homo economicus’ is however, not the same as responsible self-interest included in ecological economics. This suggests broader approaches to environmental uncertainties, which take into account ethical values and conflicts of interest”. Contributors: Hans Aage, Iulie Aslaksen, Andrée Caron, Gérard Duhaime, Solveig Glomsröd, Jón Haukur Ingimundarson, Ivar Jonsson, Jack Kruse, Joan Nymand Larsen, Svein Mathiesen, Anna Ingeborg Myhr, Birger Poppel, Rasmus Ole Rasmussen, Erik Reinert, Hugo Reinert, Chris Southcott, Gorm Winther, Lyudmila Zalkind.



The transnational capitalist class and the mini-Keiretzu system in Iceland

For the last twenty years, globalization as an economic policy has predominated the political discourse in most countries of the world. The worldwide globalization lobby is strong, and one gets the feeling that a fundamental change is taking place in the world economy and that a new base for worldwide prosperity is being born. This picture does not seem to reflect reality. International economic activity has increased in rather limited areas in terms of branches of industry and geography (L. Weiss 1998 and I. Jonsson 2006). However, the social and political impact of this increased trans-nationalization is relatively much greater than the changes in the economic base. In this paper we will discuss the case of Iceland. The discussion is to be considered as the first part of a research project that observes how the relative mismatch in the development of the economy and socio-political structures appear in the emergence of a new transnational capitalist class (TNCC) with roots in Iceland. The rise of the new TNCC has not only undermined the balance of power between class fractions and power blocs, but emerges as well in new forms of lifestyle within the emerging leisure class.


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