Tiny Iceland’s recent history is a parable of globalisation. Benefiting from footloose capital and light-touch regulation in the good years, the country set sail on the high seas of global finance. The prevailing winds were favourable. Risk-taking was admired. Small was beautiful.

But when crisis came, it hit Iceland like a tidal wave. The island’s financial system drowned in debt. The country found itself without a lifeboat. A small but proud nation was reduced to handing round the begging-bowl in Washington, Moscow and London.