1. one of the beautiful and peaceful


1. Look at these 5 countries and
select 1 to analyze. Tell why you are interested in this country.


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was always my dream country that I wanted to visit and spend my vacation. It is
one of the beautiful and peaceful countries in the world. It is also famous for
its high literacy level and zero violent crimes which make the country one of
the safest place to live. I was also attracted by the landscape of this country
that filled with incredible glaciers, giant volcanoes, peaceful hot springs and
the beautiful northern lights. Iceland is also deep in its culture and it is
also one of the happiest places in the world. Another specialty of Iceland
which makes me more attracted to go to this place is that there is no sunset in
the summer which makes this place very different from other countries.


2. Introduction of Iceland



is largely an arctic desert punctuated by mountains, glaciers, geysers, hot
springs, volcanoes and waterfalls. Most of the vegetation and agricultural
areas are in the lowlands close to the coastline.”(Geography 2018). Glaciers,
which are one of the most common features of the country, cover almost 11.5% of
the total area of the country. Studies show that during the past few decades, they
are becoming thinner and causing to create a milder climate. “By far the
largest of the glaciers is the Vatnajokull in southeast Iceland, with an area
of 3,240 sq. mi (8,400 sq. km). The Vatnajokull glacier is equal in size to all
the glaciers on the European mainland
put together, and reaches a thickness of 3000 ft. (1 km)”.(Geography


to the glaciers, volcanoes are another remarkable feature of Iceland. As
compared to all the other European countries, Iceland has dramatically higher
number of volcanoes. “The highest point of this country is Hvannadalshnukur, and
it’s the edge of the Öræfajökull Volcano, which rises 6,922 feet (2,110 m).”(Geography
2018). Speaking of Volcanoes, they make a lot of calamities to this
country and causing a lot of losses. “On March 21, 2010, the Eyjafjallajökull
Volcano in southern Iceland erupted for the first time since 1821, forcing 600
people to flee their homes. Further eruptions in April forced hundreds of
people to abandon their homes. And in fact, the resultant cloud of volcanic ash
brought major disruption to air travel across Europe.” (Geography 2018).



Origin of Icelanders

“Icelandic language and
culture today reflects the
predominantly Norse origin of the early population, but there is also evidence
of Celtic blood and heritage. Although the first settlers of Iceland are supposed to have been
Irish monks or hermits, they left the island when the heathen Vikings arrived
the late 9th century.” (Tours, I. 2018). 

Evidence shows that the people who came to this country
first are from Norway and parts of British Isles. “According to The Book of
Settlements (Landnámabók), Ingólfur Arnarson was the first permanent settler of
Iceland, establishing himself there in 874.” (Tours, I. 2018).

Icelandic Language

Even now, the people of Iceland still speak Old Norse which
is known as the Icelandic language which is almost 100 years old and it is
considered as the main characteristics of this nation. English is also widely
spoken in Iceland especially for the younger generation. Other languages are
Danish, German etc.

Icelandic Literature and Religion

“Medieval Icelandic literature is
probably Iceland’s most significant contribution to world culture, especially
the sagas, a unique genre of realistic secular prose narratives dating from the
twelfth and thirteenth centuries. Lutheran is considered as the widely
established religion of this country.” (Tours, I. 2018).

Government of

The government of Iceland is a
representative democratic republic with a parliamentary system. This means
every individuals votes and elects politicians to represent their interests in
government. There are multiple political parties In Iceland where the
politicians belong to. “This country is headed by both a president and a prime
minister. To ensure separation of powers, the Constitution was written to
establish 3 branches of government: executive, legislative, and judicial.”(Pariona,
A. 2018).

Legal system

Iceland follows a civil law legal system and it is
characterized by written law. Icelandic law includes major sources such as
the Constitution, statutory legislation, and regulatory statutes. It also includes precedent and customary law. (Nyulawglobal.org 2018)

GDP / GNP / Export / Import

is a stable country when it comes to its economic power. The total GDP of Iceland
according to the year 2016 was 20.05 billion USD and the total GNP of the
country is 17.54 billion in the basis of purchasing power parity. (Google.ca.(2018).

is the 79th largest export economy in the world. In 2016, Iceland exported
$4.43B and imported $5.68B, resulting in a negative trade balance of $1.25 Billion”
(Atlas.media.mit.edu. 2018). 

Top Exports
of Iceland

Top Imports of Iceland

Raw Aluminum ($1.25B)

Petroleum ($569M)

Fish Fillets ($869M)

Oxide ($428M)

Non-fillet Frozen Fish ($340M)

Cars ($407M)

Processed Fish ($283M)

Electronics ($294M)

Aluminum Wire ($135M)

Helicopters, and/or Spacecraft ($208M)


Major Business Partners


Top Export Destinations

Top Import Origins

United Kingdom ($502M)

Germany ($691M)

United States ($346M)

Netherlands ($612M

Germany ($308M).

Denmark ($485M)

Spain ($461M

United States ($447M)



3. What are the positive and
negative effects of globalization on this country?

means doing business internationally or by the influence of other countries and
it makes the countries closer together. It is the interaction and spreading
ideas, trading of goods and services internationally to gain economic growth. Sometimes
globalization brings a lot of benefits to the country. On the other hand, it
can also provide negative effects over the country. In case of Iceland, globalization
had a negative effect over the country. In 2008, when the world was facing
overall recession, the entire country of Iceland was on the edge of Bankruptcy. “With much of the banks’ capital being loaned outside
of the country, Iceland became overly dependent on other countries’ economies
staying afloat and those countries’ residents and businesses paying off their
debt.” (Exploring Iceland. 2018).

of currency trading rates also becomes a huge issue for Iceland. “When currencies dropped in other markets, the Icelandic
krona’s value fell catastrophically” (Gobel, 2008). (Exploring Iceland. 2018).

now the globalization effects are badly affecting the country environmentally. Iceland is an arctic circle and most of the country
is filled with glaciers and frozen land. Temperature of the earth start to rise
by the implementation of Globalization and due to this, glaciers started to
melt and the sea level goes high. Not only the increasing level of the sea, but
the swaths of land also affected by this impact including the nation of Iceland.

According to the research conducted by the University of
Arizona, “the melting of Iceland’s glaciers has reduced pressure on the ground
beneath them, causing the land to “rebound” from the Earth’s crust” (Kaplan,
2015)” (Exploring Iceland. 2018). Globalization had negative impacts for Iceland
more than positive so far.

4. What business would you like to
invest in this country, and why?

Iceland I would prefer to invest in 3 major companies and they are,

. HB Grandi


Insurance HF

Grandi is the largest fish quota owner and it also operates many vessels and
processing plants. It will be a great sector to invest when Iceland is well known for
its fishing and logistics industries (Olafsson, O).

Iceland air is the country’s premier airline. Currently,
the company is highly profitable and well growing. “It capitalizes on a unique
route network connecting Europe and the US, so benefits from people visiting
Iceland and from transatlantic traffic.” (Olafsson,

VIS Insurance HF is the country’s top provider of
non-life insurance services. “The company has broad exposure to the nation’s
households and companies and a diversified investment portfolio that gives good
exposure to the Icelandic investable market”. (Olafsson,