A Tale of Wilful Malfeasance 2003-2008: Followed by Recovery and Resurrection in Iceland

Murray J. Bryant, Throstur Olaf Sigurjonsson

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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 languageEnglish
JournalInternational Journal of Business Governance and Ethics
Volume19
Issue number1
Pages (from-to)30-44
Number of pages15
ISSN1477-9048
DOIs
Publication statusPublished - 2025

Bibliographical note

Published online: December 2, 2024.

Keywords

  • Institutional ascription
  • Inclusive capitalism
  • Corruption
  • Malfeasance
  • Financial system collapse

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