Abstract
The collapse of the Icelandic financial system in October 2008, was unprecedented in both scale and scope, 97% of the financial system collapsed, inflation was rampant, the currency disintegrated, and unemployment was both a social and political issue. This paper endeavours to show, using documentary evidence from 2003-2008, whether the system of monitoring of the banks and economy failed - applying evidence of institutional ascription. The contribution of the paper is to document that both institutional ascriptions, along with corruption and greed, were endemic from 2003-2008. The resurrection and recovery followed a transparent process, based upon objectives of wealth equality along with fairness - inclusive capitalism, to address what went wrong, address the overhang of debt and the rebuild of trust in all institutions, including government itself.
Original language | English |
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Journal | International Journal of Business Governance and Ethics |
Volume | 19 |
Issue number | 1 |
Pages (from-to) | 30-44 |
Number of pages | 15 |
ISSN | 1477-9048 |
DOIs | |
Publication status | Published - 2025 |
Bibliographical note
Published online: December 2, 2024.Keywords
- Institutional ascription
- Inclusive capitalism
- Corruption
- Malfeasance
- Financial system collapse