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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Institute of Public Administration and Politics
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Online Access: | https://hdl.handle.net/20.500.11815/900 https://doi.org/10.13177/irpa.a.2015.11.2.12 |
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ftopinvisindi:oai:opinvisindi.is:20.500.11815/900 2023-05-15T16:46:02+02:00 Individualistic Vikings: Culture, Economics and Iceland Vaiman, Vlad Mixa, Már Wolfgang Viðskiptadeild (HR) School of Business (RU) Háskólinn í Reykjavík (HR) Reykjavík University (RU) 2015-12-17 355-374 https://hdl.handle.net/20.500.11815/900 https://doi.org/10.13177/irpa.a.2015.11.2.12 en eng Institute of Public Administration and Politics Icelandic Review of Politics and Administration;11(2) Stjórnmál og stjórnsýsla;11(2) Mixa, M. W., & Vaiman, V. (2015). Individualistic Vikings: Culture, Economics and Iceland. Icelandic Review of Politics & Administration, 11(2), 355–374. https://doi.org/10.13177/irpa.a.2015.11.2.12 1670-6803 1670-679X (eISSN) https://hdl.handle.net/20.500.11815/900 Icelandic Review of Politics & Administration Stjórnmál og stjórnsýsla doi:10.13177/irpa.a.2015.11.2.12 info:eu-repo/semantics/openAccess Behavioural economics Financial crises Hofstede Iceland Einstaklingshyggja Bankahrunið 2008 Atferlishagfræði Individualism info:eu-repo/semantics/article 2015 ftopinvisindi https://doi.org/20.500.11815/900 https://doi.org/10.13177/irpa.a.2015.11.2.12 2022-11-18T06:51:40Z 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. Peer Reviewed Article in Journal/Newspaper Iceland Opin vísindi (Iceland) Veftímaritið Stjórnmál og stjórnsýsla 11 2 355 |
institution |
Open Polar |
collection |
Opin vísindi (Iceland) |
op_collection_id |
ftopinvisindi |
language |
English |
topic |
Behavioural economics Financial crises Hofstede Iceland Einstaklingshyggja Bankahrunið 2008 Atferlishagfræði Individualism |
spellingShingle |
Behavioural economics Financial crises Hofstede Iceland Einstaklingshyggja Bankahrunið 2008 Atferlishagfræði Individualism Vaiman, Vlad Mixa, Már Wolfgang Individualistic Vikings: Culture, Economics and Iceland |
topic_facet |
Behavioural economics Financial crises Hofstede Iceland Einstaklingshyggja Bankahrunið 2008 Atferlishagfræði Individualism |
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. Peer Reviewed |
author2 |
Viðskiptadeild (HR) School of Business (RU) Háskólinn í Reykjavík (HR) Reykjavík University (RU) |
format |
Article in Journal/Newspaper |
author |
Vaiman, Vlad Mixa, Már Wolfgang |
author_facet |
Vaiman, Vlad Mixa, Már Wolfgang |
author_sort |
Vaiman, Vlad |
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 |
Institute of Public Administration and Politics |
publishDate |
2015 |
url |
https://hdl.handle.net/20.500.11815/900 https://doi.org/10.13177/irpa.a.2015.11.2.12 |
genre |
Iceland |
genre_facet |
Iceland |
op_relation |
Icelandic Review of Politics and Administration;11(2) Stjórnmál og stjórnsýsla;11(2) Mixa, M. W., & Vaiman, V. (2015). Individualistic Vikings: Culture, Economics and Iceland. Icelandic Review of Politics & Administration, 11(2), 355–374. https://doi.org/10.13177/irpa.a.2015.11.2.12 1670-6803 1670-679X (eISSN) https://hdl.handle.net/20.500.11815/900 Icelandic Review of Politics & Administration Stjórnmál og stjórnsýsla doi:10.13177/irpa.a.2015.11.2.12 |
op_rights |
info:eu-repo/semantics/openAccess |
op_doi |
https://doi.org/20.500.11815/900 https://doi.org/10.13177/irpa.a.2015.11.2.12 |
container_title |
Veftímaritið Stjórnmál og stjórnsýsla |
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11 |
container_issue |
2 |
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355 |
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