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In Icelandic, lemon socialism is known as "Sósíalismi andskotans", meaning "the devil's socialism", a term coined by Vilmundur Jónsson (1889–1971, Iceland's Surgeon General) in the 1930s to criticize alleged crony capitalism in Landsbanki, which term has gained renewed currency in the debate over the 2008–2012 Icelandic financial crisis. Lemon socialism, or more precisely crony capitalism, is also referred to as Pilsfaldakapítalismi, meaning "skirt capitalism", pilsfaldur being the hemline of the skirt, and the term referring to children hiding behind their mothers' skirts after having done something wrong, to criticize the alleged lack of transparency in dealings and reluctance to deal with bad consequences by themselves.
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