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

Author

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  • Murray J. Bryant
  • Throstur Olaf Sigurjonsson

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.

Suggested Citation

  • Murray J. Bryant & Throstur Olaf Sigurjonsson, 2025. "A tale of wilful malfeasance 2003-2008 - followed by recovery and resurrection in Iceland," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 19(1), pages 30-44.
    • Handle: RePEc:ids:ijbget:v:19:y:2025:i:1:p:30-44
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