The authors of this article contend that traditional corruption, which was largely blamed for the current situation in the Icelandic economy, was perhaps not the most fundamental reason for the ensuing crisis. The weak business culture and a symbiosis of business and politics have actually...

The authors of this chapter consider that the collapse of the financial sector and subsequent economic crisis in Iceland in 2008 was brought about by its entire business culture, which was not as strong, open, and transparent as that of many other developed countries. The weak business culture...