Country of the Week: Iceland

political structure: Has a prime minister (approved by Parliament elections) and a president (largely ceremonial and elected by direct vote). Althing is the world's oldest functioning legislature, formed in 930.

law: civil law system based on Danish law (former colonizer). Haestirettur, its Supreme Court, is appointed for life by Minister of Justice

economics: Free-market, but has an extensive welfare state. Low unemployment, low inflation, income distribution is pretty even. The fishing industry accounts for 70% of exports and employs 12% of Icelanders. Tourism is a growing industry, especially ecotourism and whale watching. Germany is its biggest trading partner. The U.S. ranks fourth for its exports, and 1st for its imports.

society: Has one of the world's longest life expectancies and highest living standards. Has Europe's longest workweek. Overall, Icelanders are considered to be a reserved people. Outdoor swimming and book publishing are very popular. Beer was prohibited until 1989. Reykjavík, the capital city, is notorious for its all-night raucous parties.

Click here for Part I. Great Auk is an Icelandic libertarian website, for more info.