Dependency Theories and the Icelandic Pension Crisis

The collapse of the financial market in 2008 ushered in a newera. No longer can the capitalist worship the gods of profit andsustainable production, instead the dreams of prosperity perished with the hopes of recovering. This work seeks to analyze the Icelandic financial crisis under the Marxist and Neo-Marxist lenses. Iceland was one of the first victims of the financial disaster and represents the prime case study for states that are financially dependent on each other. The systematic destruction is contributed to the global derivatives fall out and the intricate relationship between financial networks that control state treasuries and civilian pension funds. The end result has been catastrophic for civil society in Iceland.