A tale of wilful malfeasance 2003-2008 - followed by recovery and resurrection in Iceland
by Murray J. Bryant; Throstur Olaf Sigurjonsson
International Journal of Business Governance and Ethics (IJBGE), Vol. 19, No. 1, 2025

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.

Online publication date: Mon, 02-Dec-2024

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