This two volume publication is the first comprehensive survey of the history of Iclandic foreign trade. Written by six historians it gives a rich and detailed account of different aspects of foreign trade and its significance for economy and society. Authors include Helgi Þorláksson, Gísli Gunnarsson, Anna Agnarsdóttir,  Helgi Skúli Kjartansson, Halldór Bjarnason and Guðmundur Jónsson. The editor of the book is Sumarliði R. Ísleifsson.

Guðmundur writes the last part of the book, "A small State in World Markets. The period 1914-2010".