A tale of wilful malfeasance 2003-2008 - followed by recovery and resurrection in Iceland

Murray J. Bryant and Throstur Olaf Sigurjonsson

International Journal of Business Governance and Ethics, 2025, vol. 19, issue 1, 30-44

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.

Keywords: institutional ascription; inclusive capitalism; corruption; malfeasance; financial system collapse. (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbget:v:19:y:2025:i:1:p:30-44

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