The economic crash in 2008 has been a source of great speculation and research within the University of Iceland, in addition to publications focusing exclusively on the causes and consequences of the economic crash. This is no coincidence, as the University of Iceland plays a pivotal role in analysing social issues and helping to guide the country out of the crisis.
A book by Guðrún Johnsen, Assistant Professor in Business Administration, focusing on the rise and fall of the Icelandic banks was published in January 2014. “The book is in fact a summary of the Althingi’s Special Investigation Commission report on events leading up to and the main causes for the failure of the Icelandic banking system,” says Johnsen, who is one of the authors of the report.
“There were few surprises when writing the book,” says Johnsen, “as opposed to my work on the report which was full of surprises. I won’t be able to express that experience though had my whole life and did nothing else”
The book is entitled Bringing Down the Banking System: Lessons from Iceland, and has been very well received. It was published by the distinguished international publication Palgrave Macmillan.
“The positive and strong reaction to the book I experienced during my lectures on the subject for professionals and academics all over the world was a pleasant surprise. Feedback from my most demanding critics was also positive, but their role was to read the book and give comments. They liked my writings and I am hopeful that as many as possible can get through it and learn something,” says Johnsen.
Even though many books have been written on the economic crash, a book like this one has not been published yet, according to Johnson, who felt that it had to be published in English in order to present the results of Althingi’s Special Investigation Commission to the international community.
Guðrún Johnsen
“Nowhere else in the world has an investigative commission had such an extensive research clearance to investigate a banking system as here in Iceland; revealing a grim reality; the naked truth previously hidden to the public.”
“Nowhere else in the world has an investigative commission had such an extensive research clearance to investigate a banking system as here in Iceland; revealing a grim reality; the naked truth previously hidden to the public. There are also incredible misrepresentations, with no foundation in the data, reported on these events uncritically in the media.”
Johnson says that she felt compelled to give the public, who live all over the world often with underdeveloped banking systems, access to lessons learned by our experience of privatization, deregulation and liberalisation.
“It is first and foremost the role of politicians and officials to guide such processes, making it vital for people to know whom you can trust and what must be avoided in such situations.”