Being the first casualty of the international financial crisis, Iceland was, in many ways, turned into a laboratory when it came to responding to one of the largest corporate failures on record. This edited volume offers the most wide- ranging treatment of the Icelandic financial crisis and its political, economic, social, and constitutional consequences. Interdisciplinary, with contributions from historians, economists, sociologists, legal scholars, political scientists, and philosophers, it also compares and contrasts the Icelandic experience with other national and global crises. It examines the economic magnitude of the crisis, the social and political responses, and the unique transitional justice mechanisms used to deal with it. It studies both backward- looking elements, including a societal and legal reckoning-which included the indictment of a prime minister and jailing of leading bankers for their part in the financial crisis-and forward-looking features, such as an attempt to rewrite the Icelandic constitution. Throughout, it underscores the contemporary relevance of the Icelandic case. While the Icelandic economic recovery has been much quicker than expected, it shows that public faith in political elites has not been restored. A case in point was the sudden resignation of the Icelandic Prime Minister following mass protests in the spring of 2016. It resulted from a revelation-stemming from the “Panama Papers” leaks-that he had owned an offshore company with his wife, with large claims on the collapsed Icelandic banks. This text will be of key interest to scholars, policy-makers, and students of the financial crisis in such fields as European politics, international political economy, comparative politics, sociology, economics, contemporary history, and more broadly the social sciences and humanities.
Bibliographical notePublisher Copyright:
© 2016 Selection and editorial matter: Valur Ingimundarson, Philippe Urfalino and Irma Erlingsdóttir.
- Financial collapse