A Tale of Wilful Malfeasance 2003-2008: Followed by Recovery and Resurrection in Iceland

The collapse of the Icelandic financial system in October 2008, was unprecedented in both scale and scope, 97% of the financial system collapsed, inflation was rampant, the currency disintegrated, and unemployment was both a social and political issue. This paper endeavours to show, using documentary evidence from 2003-2008, whether the system of monitoring of the banks and economy failed - applying evidence of institutional ascription. The contribution of the paper is to document that both institutional ascriptions, along with corruption and greed, were endemic from 2003-2008. The resurrection and recovery followed a transparent process, based upon objectives of wealth equality along with fairness - inclusive capitalism, to address what went wrong, address the overhang of debt and the rebuild of trust in all institutions, including government itself.