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Small, but Mighty: Icelandic Business Environment Before and After the Financial Crisis of 2008

  • Inga Minelgaite
  • Svala Guðmundsdóttir
  • Árelía E. Guðmundsdóttir
  • Olga Stangej
Chapter
Part of the Contributions to Management Science book series (MANAGEMENT SC.)

Abstract

In 2008, Iceland resembled the lost land of Atlantis that was steadily going under the water at an increasing pace. What could have become a Plato’s legend that turned to reality resulted in a different storyline. Even when events turn to a force majeure, and the magnitude of the turbulence reaches a level of a catastrophe, it is the human factor, which, despite often being a contributing factor in causing the chaos, can also play a vital role in preventing the irreversible consequences. What potentially could be called a miracle is Icelanders’ resilience and ability to revert the order. This chapter lays out the story how the crisis shaped the business environment of Iceland in relation to the social aspect that so far has remained less unpacked in the literature covering the crisis.

Keywords

Business environment Financial crises 

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Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  • Inga Minelgaite
    • 1
  • Svala Guðmundsdóttir
    • 1
  • Árelía E. Guðmundsdóttir
    • 1
  • Olga Stangej
    • 2
  1. 1.University of IcelandReykjavikIceland
  2. 2.Institute of Quality Management and Business Administration (IQB-FHS)FHS St. Gallen, University of Applied SciencesSt. GallenSwitzerland

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