Year: 2024
Type: article
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.
Authors: Murray J. Bryant, Throstur Olaf Sigurjonsson
Institution: Copenhagen Business School
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4404968143