, a failure due, at least in Iceland, to a combination of mistakes, incompetence and what can only be called corruption … this regard. The external debt of Greece, Iceland, Ireland, and Spain increased exponentially, in Iceland at a rate higher … than the rate of interest on foreign debt. The Ponzi scheme that played out in Iceland begs the question why a country …

until 2008 with the experience of Sweden and Iceland. The working hypothesis is that social capital decay can be a precursor … as well as consequence of slow economic growth and of financial crises. Iceland is a case in point. An increasingly …

contrary, under corruption, we show that bailouts are ineffective unless rent-seeking groups are eradicated. -- sovereign debt …

The article analyzes how economic theory usually investigates corruption. It describes the main traditional economic … face some problems, especially their neglect of some important factors as to why corruption occurs which prevents them from … environment in which corruption occurs. Redistribution system theory can serve as a useful aid here because it reveals that the …