Please use this identifier to cite or link to this item: http://hdl.handle.net/1946/10255
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. 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.