ABSTRACT
Europe is in a position to obtain a larger quantity of raw materials and foodstuffs for a given quantity of manufactured goods than before the war. North and Central America, Asia and the South Pacific islands have increased both their import and export trade. The total trade of South America and Africa has somewhat diminished, but that of Europe has decreased far more. North American export trade has increased since 1913 by almost a third, and Asiatic trade in an almost equal proportion. Europe is therefore in the position of a trade union which has forced up wages too high and cannot therefore give full employment to all its members. Despite the fact that the value of the world's trade has increased between 50 and 60 per cent, yet European exports from 1913 to 1925 have only increased by about 32 per cent.
