Iceland is an enigmatic island country marked by contradiction: it’s a part of Europe, yet separated from it by the Atlantic Ocean; it’s seemingly inhospitable, yet home to more than 300,000. Wasteland with Words explores these paradoxes to uncover the mystery of Iceland. In Wasteland with Words Sigurdur Gylfi Magnússon presents a wide-ranging and detailed analysis of the island’s history that examines the evolution and transformation of Icelandic culture while investigating the literary and historical factors that created the rich cultural heritage enjoyed by Icelanders today. Magnússon explains how a nineteenth-century economy based on the industries of fishing and agriculture—one of the poorest in Europe—grew to become a disproportionately large economic power in the late twentieth century, while retaining its strong sense of cultural identity. Bringing the story up to the present, he assesses the recent economic and political collapse of the country and how Iceland has coped. Throughout Magnússon seeks to chart the vast changes in this country’s history through the impact and effect on the Icelandic people themselves. Up-to-date and fascinating, Wasteland with Words is a comprehensive study of the island’s cultural and historical development, from tiny fishing settlements to a global economic power.

Iceland is unique among European societies in having been founded as late as the Viking Age and in having copious written and archaeological sources about its origin. Gunnar Karlsson, that country's premier historian, chronicles the age of the Sagas, consulting them to describe an era without a monarch or central authority. Equating this prosperous time with the golden age of antiquity in world history, Karlsson then marks a correspondence between the Dark Ages of Europe and Iceland's "dreary period", which started with the loss of political independence in the late thirteenth century and culminated with an epoch of poverty and humility, especially during the early Modern Age. Iceland's renaissance came about with the successful struggle for independence in the nineteenth and early twentieth centuries, and with the industrial and technical modernization of the first half of the twentieth century. Karlsson describes the rise of nationalism as Iceland's mostly poor peasants set about breaking with Denmark, and he shows how Iceland in the twentieth century slowly caught up economically with its European neighbors.