Abstract
The sea areas surrounding Iceland are among the most prolific fishing grounds of the world. For many centuries the fish stocks in Icelandic waters were an internationally open access resource, exploited by fleets from various countries, while the domestic fishery remained in a defective state. This situation began to change with the expansion of Icelandic sailing smacks during the late nineteenth century which provided an intermediate stage between the traditional and modern technology. The mechanization of the fisheries got under way about 1905, although a few engines had been installed into small fishing boats before then.