Research Paper On Iceland

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Introduction

Fire and ice. Midnight summer sun and dusk noon winter. The Republic of Iceland, if

not at least, is a country of sharp contrasts. A Nordic island country located between the North

Atlantic and Artic Ocean, Iceland is about 40,000 sq. mi. (roughly the size of Kentucky) and has

a population of around 320,000 people. Its capital and largest city is Reykjavik which is 30

miles from its main international airport, Keflavik International Airport. It is located five hours

from New York and three hours from London, making it a common bridge and destination

between North America and Europe. Despite its name, Iceland’s weather is surprisingly warm

and refreshing in the summer and mild during the winter.

Iceland is a parliamentary …show more content…

Pertaining to business dress code, unlike the US which tends to dress down after work,

Icelanders tend to dress formal in most situation. Informal social events, such as business dinner,

will normally require at least a jacket and ties. If unsure, it is acceptable to ask a representative

In comparison to most European cultures, Icelandic business culture is undeveloped

which shouldn’t be a surprised since it developed from a small fishing economy into an

advanced economy whose per-capita GDP in just a century. According to a study by Eyjolfdottir

and Smith, Icelanders management is strongly optimistic, thanks in part to their ability to adapt

to uncertainty. This optimism can manifest in lack of self-discipline and appearing careless but

will allow room for originality, flexibility, and innovation.

Being from a fishing culture, the “fisherman mentality” rings through with Icelandic

management. A fisherman is dependent on luck and is not constraint by punctuality and

organization; he will work hard and is flexible at his job but is not very eager to adopt …show more content…

Icelandic management have a very pragmatic approach,

lacking both long-term goals and tenacity to strive for the goal.

Because of their mentality, Icelandic management have developed a distinctive approach

to organizational structures, with most corporation have flat hierarchies (as stated before it is

very easy to approach decision-makers). Increase in competitions from foreign trades have

resulted in management training programs in business schools as managers are pressured into

revising their management techniques (Eyjolfsdottir and Smith, 1997).

For several years, Iceland normally stood out as the least corrupt countries in the world.

The 2008 financial crisis changed all that. Research conducted by Sigurjonsson, Arnardottir, and

Vaiman stated that both nepotism and weak business culture were major factors for the collapse.

This problem was magnified by the involvement of the country’s political elite. Nepotism isn’t a

surprised in Iceland, with it being a monocultural and geographical isolated society. But the

continuous state intervention in the economy and the subsequent lack of supervision and

regulation help precipitated the financial

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