The economy of Iceland is small and subject to high volatility. In 2011, gross domestic product was US$12.3bn, or $38,000 per capita, based on purchasing power parity (PPP) estimates. The financial crisis of 2007–2010 produced a decline in GDP and employment, although the magnitude of this decline remains to be determined.

Iceland has a mixed economy with high levels of free trade and government intervention. However, government consumption is less than in other Nordic countries.

In the 1990s Iceland undertook extensive free market reforms, which initially produced strong economic growth. As a result, Iceland was rated as having one of the world's highest levels of economic freedom as well as civil freedoms. In 2007, Iceland topped the list of nations ranked by Human Development Index and was one of the most egalitarian, according to the calculation provided by the Gini coefficient.

From 2006 onwards, the economy faced problems of growing inflation and current account deficits. Partly in response, and partly as a result of earlier reforms, the financial system expanded rapidly before collapsing entirely in a sweeping financial crisis. Iceland had to obtain emergency funding from the International Monetary Fund and a range of European countries in November 2008.

Iceland ⁱ/ˈaɪslənd/ (Icelandic: Ísland, IPA: [ˈislant]) is a Nordic European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. The country has a population of about 320,000 and a total area of 103,000 km² (40,000 sq mi). The capital and largest city is Reykjavík, with the surrounding areas in the southwestern region of the country being home to two-thirds of the country's population. Iceland is volcanically and geologically active. The interior mainly consists of a plateau characterised by sand fields, mountains and glaciers, while many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate despite a high latitude just outside the Arctic Circle.

According to Landnámabók, the settlement of Iceland began in AD 874 when the chieftain Ingólfur Arnarson became the first permanent Norse settler on the island. Others had visited the island earlier and stayed over winter. Over the following centuries, Norsemen settled Iceland, bringing with them thralls (slaves) of Gaelic origin. From 1262 to 1918 Iceland was part of the Norwegian and later the Danish monarchies. Until the 20th century, the Icelandic population relied largely on fisheries and agriculture, and the country was one of the poorest and least developed in the world. Industrialisation of the fisheries and aid from the Marshall Plan brought prosperity in the years after World War II, and by the 1990s it was one of the world's wealthiest countries. In 1994, Iceland became party to the European Economic Area, which made it possible for the economy to diversify into economic and financial services.

"The Man" is a slang phrase that may refer to the government or to some other authority in a position of power. In addition to this derogatory connotation, it may also serve as a term of respect and praise.

The phrase "the Man is keeping me down" is commonly used to describe oppression. The phrase "stick it to the Man" encourages resistance to authority, and essentially means "fight back" or "resist", either openly or via sabotage.

The earliest recorded use^{[citation needed]} of the term "the Man" in the American sense dates back to a letter written by a young Alexander Hamilton in September 1772, when he was 15. In a letter to his father James Hamilton, published in the Royal Dutch-American Gazette, he described the response of the Dutch governor of St. Croix to a hurricane that raked that island on August 31, 1772. "Our General has issued several very salutary and humane regulations and both in his publick and private measures, has shewn himself the Man." ^{[dubious – discuss]} In the Southern U.S. states, the phrase came to be applied to any man or any group in a position of authority, or to authority in the abstract. From about the 1950s the phrase was also an underworld code word for police, the warden of a prison or other law enforcement or penal authorities.