ABSTRACT
THAT international trade declined after 1929 is well known, and generally attributed to the slump and its aftermath—international currency restrictions, tariffs, the decline of production, and so on. What is not generally realised is that even in the twenties international trade was already failing to retain its pre-war place. Taking 1913 as 100, and averaging the years 1926–29, world manufacturing production stood at 139, and world production of primary products at 125; but world trade in manufactures stood only at 112, and world trade in primary products at 118.
