Size matters in international relations. Owing to their unique vulnerabilities, small states have different needs, adopt different foreign policies, and have a harder time achieving favorable foreign policy outcomes than large states. Small states show a preference for multilateral organizations because they reduce the power asymmetry between states, decrease the transaction costs of diplomacy, and impose constraints on large states. Small state security policies vary widely depending on domestic and international conditions. Despite the inherent disadvantages to being small, small states can compensate for the limitations of their size and exert influence on world politics, provided that they use the appropriate strategies.

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The occurrence and outcomes of the Cod Wars defy both popular and academic expectations. Iceland, a microstate, essentially won four disputes against the UK, a great power. The two states furthermore belonged to a Western security community, sharing significant institutional, economic and cultural ties. This article reviews the history and international relations literature on the Cod Wars to explain and evaluate why the Cod Wars occurred and why Iceland won them. This article also explains what lessons international relations scholarship has learned from the Cod Wars for liberal international relations theory, realism and asymmetric bargaining. ARTICLE HISTORY

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