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This article calls for a formal review of the educational system in Iceland in light of the impact of the economic collapse upon the nation in October 2008. In particular, this article highlights the fact that most of the Icelandic leaders who contributed to the economic collapse in Iceland were products of the Icelandic educational system. Apparently they saw themselves as individuals without responsibility towards either their countrymen or those of neighbouring countries. Arguably, the schooling of these leaders had placed too much emphasis on the cognitive aspects of their education at the expense of their ethical development. Hence, the author proposes that this shortcoming of the educational provision in Iceland needs to be redressed so that future leaders of the nation are not deprived of the opportunity to develop both their cognitive and ethical knowledge and skills. The author moreover suggests that the rise and fall of the Icelandic economy may be seen as a case study from which not only Icelanders but other nations as well could learn. This bitter experience could thus become a learning experience with applicability reaching far beyond the geographical boundaries of the island. To this end, this article seeks to answer questions about what role and responsibility schools have in graduating students who have not only acquired vocational knowledge and skills but have also developed a commitment to being infl uenced by sound moral judgment.
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