The other day I was bored and began reading about Iceland on Wikipedia. Apparently it wasn't always a highly developed country; according to the article, the country was pretty much a farming backwater until the middle of the 20th century. However, the article and some other articles (such as this one) don't really delve into the details of how it turned around.
What happened from the mid-20th century to today? What was done by the government? How much influence did things like the Marshall Plan help?
WW2 happened. The UK/US invaded Iceland and 30.000-50.000 men were stationed here. They needed workers to build bases so they hired locals to help them, reducing unemployment. They brought in a lot of money to the local economy and also a lot of american made products(Coke Cola, washing machines etc.). At it's height, the amount of American soldiers in Iceland outnumbered all Icelandic men over the age of 18.
We also got independence in 1944 from Denmark and we increased our exclusive economic zone by 200 miles. That brought in more money because we fully controlled the sea around us and fisheries flourished.