Individualistic Vikings: Culture, Economics and Iceland
Icelandic culture has generally been considered to share many similarities to the Nordic cultures. However, the financial crisis in 2008 painted a completely different picture, with the Nordic nations faring much less worse than Iceland, which saw its banking system becoming almost entirely worthles...
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Online Access: | https://doi.org/10.13177/irpa.a.2015.11.2.12 https://doaj.org/article/6b0ac0346691450dacdaeb4d7debd091 |
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ftdoajarticles:oai:doaj.org/article:6b0ac0346691450dacdaeb4d7debd091 2023-05-15T16:46:02+02:00 Individualistic Vikings: Culture, Economics and Iceland Már Wolfgang Mixa Vlad Vaiman 2015-12-01T00:00:00Z https://doi.org/10.13177/irpa.a.2015.11.2.12 https://doaj.org/article/6b0ac0346691450dacdaeb4d7debd091 EN IS eng ice University of Iceland http://www.irpa.is/article/view/2095 https://doaj.org/toc/1670-6803 https://doaj.org/toc/1670-679X 1670-6803 1670-679X doi:10.13177/irpa.a.2015.11.2.12 https://doaj.org/article/6b0ac0346691450dacdaeb4d7debd091 Stjórnmál og Stjórnsýsla, Vol 11, Iss 2, Pp 355-374 (2015) Behavioral economics financial crises Hofstede individualism Iceland Political institutions and public administration (General) JF20-2112 Political science (General) JA1-92 article 2015 ftdoajarticles https://doi.org/10.13177/irpa.a.2015.11.2.12 2022-12-31T03:46:24Z Icelandic culture has generally been considered to share many similarities to the Nordic cultures. However, the financial crisis in 2008 painted a completely different picture, with the Nordic nations faring much less worse than Iceland, which saw its banking system becoming almost entirely worthless. Looking at traditional cultural yardsticks in the vein of the most commonly used research in the field of business and organizational management, generally linked to Hofstede´s dimensional studies, one would at first glance conclude that Icelanders would have behaved in a similar manner as people in the Nordic nations. By focusing on savings ratio, it is shown that Icelanders were much more risk-seeking during the prelude of the crisis. Many nations badly hit during the 2008 financial crisis have a high level of individualism inherent in their culture. Iceland fits this scenario. Thus while general cultural characteristics may lack explanatory power regarding economic behavior of people between cultures, the individual/collective cultural dimension may provide clues of what dangers (and possible strengths) lurk within societies from a financial point of view. Such developments may affect the financial stability of nations, especially those with a high level of individualism where financial liberalization with possible abuses is occurring. Article in Journal/Newspaper Iceland Directory of Open Access Journals: DOAJ Articles Veftímaritið Stjórnmál og stjórnsýsla 11 2 355 |
institution |
Open Polar |
collection |
Directory of Open Access Journals: DOAJ Articles |
op_collection_id |
ftdoajarticles |
language |
English Icelandic |
topic |
Behavioral economics financial crises Hofstede individualism Iceland Political institutions and public administration (General) JF20-2112 Political science (General) JA1-92 |
spellingShingle |
Behavioral economics financial crises Hofstede individualism Iceland Political institutions and public administration (General) JF20-2112 Political science (General) JA1-92 Már Wolfgang Mixa Vlad Vaiman Individualistic Vikings: Culture, Economics and Iceland |
topic_facet |
Behavioral economics financial crises Hofstede individualism Iceland Political institutions and public administration (General) JF20-2112 Political science (General) JA1-92 |
description |
Icelandic culture has generally been considered to share many similarities to the Nordic cultures. However, the financial crisis in 2008 painted a completely different picture, with the Nordic nations faring much less worse than Iceland, which saw its banking system becoming almost entirely worthless. Looking at traditional cultural yardsticks in the vein of the most commonly used research in the field of business and organizational management, generally linked to Hofstede´s dimensional studies, one would at first glance conclude that Icelanders would have behaved in a similar manner as people in the Nordic nations. By focusing on savings ratio, it is shown that Icelanders were much more risk-seeking during the prelude of the crisis. Many nations badly hit during the 2008 financial crisis have a high level of individualism inherent in their culture. Iceland fits this scenario. Thus while general cultural characteristics may lack explanatory power regarding economic behavior of people between cultures, the individual/collective cultural dimension may provide clues of what dangers (and possible strengths) lurk within societies from a financial point of view. Such developments may affect the financial stability of nations, especially those with a high level of individualism where financial liberalization with possible abuses is occurring. |
format |
Article in Journal/Newspaper |
author |
Már Wolfgang Mixa Vlad Vaiman |
author_facet |
Már Wolfgang Mixa Vlad Vaiman |
author_sort |
Már Wolfgang Mixa |
title |
Individualistic Vikings: Culture, Economics and Iceland |
title_short |
Individualistic Vikings: Culture, Economics and Iceland |
title_full |
Individualistic Vikings: Culture, Economics and Iceland |
title_fullStr |
Individualistic Vikings: Culture, Economics and Iceland |
title_full_unstemmed |
Individualistic Vikings: Culture, Economics and Iceland |
title_sort |
individualistic vikings: culture, economics and iceland |
publisher |
University of Iceland |
publishDate |
2015 |
url |
https://doi.org/10.13177/irpa.a.2015.11.2.12 https://doaj.org/article/6b0ac0346691450dacdaeb4d7debd091 |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Stjórnmál og Stjórnsýsla, Vol 11, Iss 2, Pp 355-374 (2015) |
op_relation |
http://www.irpa.is/article/view/2095 https://doaj.org/toc/1670-6803 https://doaj.org/toc/1670-679X 1670-6803 1670-679X doi:10.13177/irpa.a.2015.11.2.12 https://doaj.org/article/6b0ac0346691450dacdaeb4d7debd091 |
op_doi |
https://doi.org/10.13177/irpa.a.2015.11.2.12 |
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Veftímaritið Stjórnmál og stjórnsýsla |
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11 |
container_issue |
2 |
container_start_page |
355 |
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1766036171936235520 |