Nordic Economies

When comparing Iceland to the other Nordic countries, there are some striking similarities and differences. Despite being geographically similar and relying on natural resources for the majority of their original economy, there are still differences between origin and sustainability. In the beginning, countries such as Norway were the original colonizers whereas Iceland was the colony. Currently, the Nordic countries share the economic practice of the Nordic Model which is also referred to as Nordic Capitalism or Nordic social democracy. This system helps to provide free market capitalism as well as access to programs such as free education and free healthcare. The Nordic governments are working in conjunction with this system to also promote sustainability. The Nordic countries see sustainability as something that correlates with economic growth even though Norway relies on it's oil reserves. The countries are working to reduce the natural resource industries and increase renewable energy with Iceland leading the Nordic countries with 87% of their total energy supply coming from renewable energy sources. The other countries are lagging behind but still improving.