Titill: | Individualistic Vikings: Culture, Economics and Iceland |
Höfundur: |
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Útgáfa: | 2015-12-17 |
Tungumál: | Enska |
Umfang: | 355-374 |
Háskóli/Stofnun: | Háskólinn í Reykjavík (HR) Reykjavík University (RU) |
Svið: | Viðskiptadeild (HR) School of Business (RU) |
Birtist í: | Icelandic Review of Politics and Administration;11(2) Stjórnmál og stjórnsýsla;11(2) |
ISSN: | 1670-6803 1670-679X (eISSN) |
DOI: | 10.13177/irpa.a.2015.11.2.12 |
Efnisorð: | Behavioural economics; Financial crises; Hofstede; Iceland; Einstaklingshyggja; Bankahrunið 2008; Atferlishagfræði; Individualism |
URI: | https://hdl.handle.net/20.500.11815/900 |
Tilvitnun: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
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Útdráttur: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.
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Leyfi:This work is licensed under a Creative Commons Attribution 3.0 License.
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