until the outbreak of World War II when prices for fish exports soared. World War II The British and American occupations of Iceland caused an end to unemployment, and contributed to the end of the Great Depression in Iceland. The occupiers injected money into the Icelandic economy and launched various projects. This eradicated unemployment in Iceland and raised wages considerably. According to one study, "by the end of World War II, Iceland had been transformed from one of Europe’s poorest countries to one of the world’s wealthiest." 1945–1960 Iceland remained relatively protectionist during the period 1945–1960, despite its participation in the OEEC's Trade Liberalisation Program (TLP). Economic historian Guðmundur Jónsson attributes Icelandic protectionism in the post-WWI period to the "external shock caused by the war, creating an artificial economy internally and the overvaluation of the krona, made adjustment to peacetime circumstances extremely difficult. The task was made harder by a public policy prioritizing on growth and investment rather than balanced macroeconomic management. Last but not least, Iceland's commercial interests were not easily reconcilable with those of the other members of the OEEC because of her special pattern of trade." In the period 1945–1960, the United States provided extensive economic assistance to Iceland. Iceland received the largest Marshall Aid package per capita in the period 1948-1951 (even though Iceland was left relatively unscathed from World War II), almost twice as much as the second highest recipient. Later in the 1950s, Iceland received direct economic assistance from the United States in what University of Iceland historian Valur Ingimundarson has referred to as the equivalent of a "second Marshall aid" package. From 1951 to 2006, the Iceland Defense Force provided between 2% and 5% of Iceland's GDP. 1980s The Icelandic economy was in an upswing in the mid-1980s. In 1987, the tax rates were temporarily reduced to zero. 1990s In 1991, the Independence Party, led by Davíð Oddsson, formed a coalition government with the Social Democrats. This government set in motion market liberalisation policies, privatising a number of small and large companies. At the same time economic stability increased and previously chronic inflation was drastically reduced. In 1995, the Independence Party formed a coalition government with the Progressive Party. This government continued with the free-market policies, privatising two commercial banks and the state-owned telecom Síminn. Corporate incomes tax was reduced to 18% (from around 50% at the beginning of the decade), inheritance tax