Editing History of Iceland (section)

=== The Great Depression ===
Icelandic post-World War I prosperity ended with the outbreak of the [[Great Depression]], a severe worldwide economic crash. The depression hit Iceland hard as the value of exports plummeted. The total value of Icelandic exports fell from 74 million [[Icelandic króna|kronur]] in 1929 to 48 million kronur in 1932, and did not rise again to the pre-1930 level until after 1939.<ref name=":3">{{Cite book|title = History of Iceland|last = Karlsson|first = Gunnar|year = 2000|pages = 308–12}}</ref> Government involvement in the economy increased: "Imports were regulated, trade with foreign currency was monopolized by state-owned banks, and loan capital was largely distributed by state-regulated funds".<ref name=":3" /> The outbreak of the [[Spanish Civil War]] cut Iceland's exports of saltfish by half, and the depression lasted in Iceland until the outbreak of World War II, when prices for fish exports soared.<ref name=":3" />