ABSTRACT
The conspicuous failures of the League have arisen, by common consent, from its inability to deal satisfactorily with the cases, first of Japan, secondly of Italy, and thirdly of Germany. These three cases, and these alone, have led to crises of the first magnitude. There have been many minor conflicts, which the League has proved itself capable of solving. Victims of what they conceive to be a denial of "equality", as well as of an inequitable distribution of resources and opportunities, they must regard it, in the main, as the organ of the "satiated" Powers. It takes for granted the permanence of a status quo which they consider fundamentally unjust. From one of the worst features of the Depression, the substitution of bilateral agreements for multilateral trade, they suffer more than most. For owing to the normal destination of their sales, and the normal source of their purchases, they depend to an exceptional extent on "three-cornered" or multilateral trade.
