ECONOMIC RECOVERY AND COLLAPSE IN this book, for purposes of convenience, the economic Crisis has been discussed as if it were a phenomenon existing between 1929 and 1933. But though Hitler’s advent to power put a new face on economic problems, it did not abolish them. Germany is still in the throes of the Crisis. In this she is not alone, England has shown, of all countries, the most marked recovery, though even in England it is admitted to be instable. But in most countries the Crisis is almost as severe as ever. The gigantic scheme of spending entered on by the United States of America, though producing an improvement in some branches of industry, has not established anything like a stable recovery, and has let loose the class-war in all its fury.1 Production in France, Italy, Switzerland, Holland and Belgium has scarcely moved out of its stagnation. And, above all, where a partial recovery has been effected, in England’ U.S.A., Japan, and Germany, this recovery represents in no way a harmonious worlddevelopment, but a set of parallel, isolated recoveries, often in desperate rivalry to one another. Exchange between countries stagnates. There is no world-movement of relief.