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The Return of Trust?: Institutions and the Public after the Icelandic Financial Crisis

Throstur Olaf Sigurjonsson
Reykjavík University, Iceland and Copenhagen Business School, Denmark

David L. Schwarzkopf
Bentley University, USA and Reykjavík University, Iceland

Murray Bryant
Reykjavík University, Iceland and Western University, Canada

Product Details
06 Aug 2018
Emerald Publishing Limited
296 pages - 152 x 229mm
Trust is the fundamental facilitator between actors in society, yet the past decade has seen the public openly question through demonstrations and elections whether business and political institutions deserve the trust society has placed in them—or whether the common person has been abandoned in favour of organisations and systems that are ‘too big to fail’. 
The tenth anniversary of the crisis that shook financial markets in the early years of this century provides a chance to reflect on institutions’ efforts to regain the trust lost in that debacle. It is particularly instructive to examine the steps that financial and governmental institutions have taken in one of the hardest-hit economies, Iceland. Those who witnessed the crisis and its aftermath know the wrenching effects it had on society, underscored by scepticism toward political and economic institutions.
As the crisis spread almost worldwide, so too did the public’s disenchantment. Since Iceland was one of the first societies affected, it has had the most time to work on and chart its recovery. This collection addresses the broad theme of how institutions in the small, close-knit Icelandic society have gone about trying to recapture other institutions’ and the public’s trust. Insights from these studies expand our understanding of how institutions try to rebuild their relationships with communities in the face of political and economic change in fractured Western societies.
Foreword; Guðni Th. Jóhannesson, President of the Republic of Iceland 
Introduction; Throstur Olaf Sigurjonsson, David Schwarzkopf and Murray Bryant 
Part I. The situation
Chapter 1. Restoring confidence in the aftermath of Iceland’s financial crisis; Gylfi Zoega 
Chapter 2. Discursive control using emotion and economics during a financial crisis; David Schwarzkopf and Throstur Olaf Sigurjonsson
Chapter 3. Public trust in institutions in pre- and post-crisis Iceland (I): Take the lift down, but use the stairs up; Guðrún Johnsen and Sigurbjörg Sigurgeirsdóttir
Chapter 4. Trust: Some questions from a layperson; Einar Már Guðmundsson
Part II. Responses
Chapter 5. ‘Not just crying about the money’: Iceland and globalisation during boom and crisis; Kristín Loftsdóttir and Már Wolfgang Mixa
Chapter 6. Restoring trust in Iceland: Iceland’s IMF programme; Friðrik Mar Baldursson and Richard Portes
Chapter 7. A question of trust: The story of Reykjavík Energy; Guðrún Erla Jónsdóttir
Chapter 8. Public trust in institutions in pre- and post-crisis Iceland (II): Institutionalised mistrust; Sigurbjörg Sigurgeirsdóttir and Guðrún Johnsen 
Part III. Moving forward 
Chapter 9. Have Icelanders learned their lesson? The investigation of the Icelandic collapse and its aftermath; Vilhjálmur Árnason 
Chapter 10. Trust and financial services: The impact of increasing digitalisation and the financial crisis; Andreas Oehler and Stefan Wendt 
Chapter 11. Post-crisis regulation and supervision of Icelandic banks; Jón Thór Sturluson
Chapter 12. Restoring trust through improved corporate governance and adherence to gender quotas; Auður Arna Arnardóttir and Throstur Olaf Sigurjonsson
Chapter 13. Governance mechanisms post-crisis; Murray Bryant, Throstur Olaf Sigurjonsson and Már Wolfgang Mixa 
About the Authors

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