Iceland and the International Financial Crisis (eBook)

Boom, Bust and Recovery

Eirikur Bergmann (Autor)

eBook Download: PDF

2014 | 2014
XIII, 211 Seiten
Palgrave Macmillan UK (Verlag)
978-1-137-33200-4 (ISBN)

Infos

Eirikur Bergmann explains the exceptional case of Iceland's fantastical boom, bust and rapid recovery after the Crash of 2008 and explores the lessons for the wider EU crisis and for over-reaching economies that over-rely on financial markets.

Autor

Eirikur Bergmann is Professor of Politics and Director of Centre for European Studies at Bifröst University, Iceland. He is a leading expert on Iceland's political economy and has published several books and many articles on Iceland's foreign relations. In 2010 he was elected onto Iceland's Constitutional Council, which had the task of writing a new constitution for the young republic.

Inhalt

Cover 1
Series 2
Title 4
Copyright 5
Dedication 6
Contents 7
Preface 10
List of Abbreviations 12
Introduction – Boom, Bust and Recovery?????????????????????????????????????????????????????????????????????????????????????????? 14
The Crash???????????????????????????????? 15
The blame game?????????????????????????????????????????? 19
The Pots and Pans revolution?????????????????????????????????????????????????????????????????????? 20
Recovery and new critical order???????????????????????????????????????????????????????????????????????????? 23
Outline and analysis?????????????????????????????????????????????????????? 25
Part I Rise and Shine???????????????????????????????????????????????????????? 28
1 Birth of a Nation – A Postcolonical Project???????????????????????????????????????????????????????????????????????????????????????????????????????? 29
The independence struggle???????????????????????????????????????????????????????????????? 31
The colonial heritage???????????????????????????????????????????????????????? 32
The national myth???????????????????????????????????????????????? 33
Equal partner???????????????????????????????????????? 36
The Vikings???????????????????????????????????? 37
Ever lasting struggle???????????????????????????????????????????????????????? 39
Conclusion?????????????????????????????????? 40
2 Coming of Age – Economic History?????????????????????????????????????????????????????????????????????????????????? 41
Early fragile finanicalization?????????????????????????????????????????????????????????????????????????? 42
Party of four???????????????????????????????????????? 46
Rich in fish?????????????????????????????????????? 47
Emergence of a historic block???????????????????????????????????????????????????????????????????????? 50
ITQ and neoliberal modernization?????????????????????????????????????????????????????????????????????????????? 53
Conclusion?????????????????????????????????? 56
3 The Independent State – Foreign Relations???????????????????????????????????????????????????????????????????????????????????????????????????? 58
Three pillars???????????????????????????????????????? 59
Outside in Europe???????????????????????????????????????????????? 60
Challenges?????????????????????????????????? 61
Compensating for smallness?????????????????????????????????????????????????????????????????? 63
Iceland’s sense of sovereignty?????????????????????????????????????????????????????????????????????????? 64
The discourses on Europe?????????????????????????????????????????????????????????????? 66
Conclusion?????????????????????????????????? 71
Part II Boom and Bust???????????????????????????????????????????????????????? 74
4 The Nordic Tiger – Imagined Economic Miracle?????????????????????????????????????????????????????????????????????????????????????????????????????????? 75
Privatization and deregulation?????????????????????????????????????????????????????????????????????????? 77
Rival groups of Viking Capitalists?????????????????????????????????????????????????????????????????????????????????? 80
Leveraged expansion abroad?????????????????????????????????????????????????????????????????? 84
Procyclical policies?????????????????????????????????????????????????????? 86
Spinning out of control???????????????????????????????????????????????????????????? 90
Mother of all shopping sprees???????????????????????????????????????????????????????????????????????? 92
Nourishing the superiority complex?????????????????????????????????????????????????????????????????????????????????? 94
Conclusion?????????????????????????????????? 97
5 Living on the Edge – Hot Air Flaring Up the Economy???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 98
The 2006 Geyser crisis?????????????????????????????????????????????????????????? 99
New funding model???????????????????????????????????????????????? 102
Love letters and self-inflation???????????????????????????????????????????????????????????????????????????? 104
Gathering clouds (early 2008)???????????????????????????????????????????????????????????????????????? 107
Falling off the waterfall???????????????????????????????????????????????????????????????? 112
The Glitnir takedown?????????????????????????????????????????????????????? 115
Conclusion?????????????????????????????????? 118
6 The Crash – Collapse of the Cross - border Banks?????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 120
Domino effect???????????????????????????????????????? 120
The fatal weekend???????????????????????????????????????????????? 123
Implementing the master plan?????????????????????????????????????????????????????????????????????? 126
God bless Iceland???????????????????????????????????????????????? 128
The UK attack???????????????????????????????????????? 131
Financial devastation???????????????????????????????????????????????????????? 134
Ruined reputation???????????????????????????????????????????????? 138
Conclusion?????????????????????????????????? 139
Part III Revolution and Recovery?????????????????????????????????????????????????????????????????????????????? 143
7 The Pots and Pans Revolution – and Defiance Abroad?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 144
Taking to the streets???????????????????????????????????????????????????????? 145
Adding insult to injury: the Icesave dispute and the IMF?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 146
‘God Damn, Fucking Fuck’?????????????????????????????????????????????????????????????? 149
‘In-com-pe-tent go-vern-ment’: an all-Iceland revolution?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 152
Left-leaning landslide?????????????????????????????????????????????????????????? 155
The Icesave dispute heightens???????????????????????????????????????????????????????????????????????? 156
Post-crisis discourse???????????????????????????????????????????????????????? 159
Conclusion?????????????????????????????????? 161
8 Rising from the Ruins – A Fragile Economic Recovery???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 164
The IMF emergency programme???????????????????????????????????????????????????????????????????? 165
Bank restructuring?????????????????????????????????????????????????? 166
Welfare-orientated recovery???????????????????????????????????????????????????????????????????? 168
Production base intact?????????????????????????????????????????????????????????? 169
Debt restructuring?????????????????????????????????????????????????? 170
Rising from the ruins???????????????????????????????????????????????????????? 171
Challenges ahead?????????????????????????????????????????????? 174
Conclusion?????????????????????????????????? 176
9 Reconstituting Iceland – and the New Critical Order???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? 178
Political accountability?????????????????????????????????????????????????????????????? 179
Criminal investigation?????????????????????????????????????????????????????????? 180
Re-entering international society???????????????????????????????????????????????????????????????????????????????? 180
Challenging the party system?????????????????????????????????????????????????????????????????????? 181
Constitutional reform???????????????????????????????????????????????????????? 184
Conclusion?????????????????????????????????? 192
Conclusions and Final Remarks???????????????????????????????????????????????????????????????????????? 193
Notes???????????????????????? 201
References?????????????????????????????????? 203
Index???????????????????????? 213

Produkt-Details

• Erscheint lt. Verlag: 30.1.2014
• Reihe/Serie: International Political Economy Series
• Reihe/Serie: International Political Economy Series
• Zusatzinfo: XIII, 211 p.
• Verlagsort: London
• Sprache: englisch
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Europäische / Internationale Politik
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Politische Theorie
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Vergleichende Politikwissenschaften
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• Schlagworte: European Union (EU) • Financial Markets • Revolution
• ISBN-10: 1-137-33200-X / 113733200X
• ISBN-13: 978-1-137-33200-4 / 9781137332004