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In page Conservatism:

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Founded in 1924 as the Conservative Party, Iceland's Independence Party adopted its current name in 1929 after the merger with the Liberal Party. From the beginning, they have been the largest vote-winning party, averaging around 40%. They combined liberalism and conservatism, supported nationalization of infrastructure, and advocated class collaboration. While mostly in opposition during the 1930s, they embraced economic liberalism, but accepted the welfare state after the war and participated in governments supportive of state intervention and protectionism. Unlike other Scandanivian conservative (and liberal) parties, it has always had a large working-class following.[1] After the financial crisis in 2008, the support level has dropped to 20–25%.[citation needed]