Historical Summary and Analytical Conclusions

Abstract

Eastern Europe between the World Wars found itself on the fringes of the financial and commercial world. This actually is the predicament of most underdeveloped countries today. It certainly has been recognized but hardly elaborated upon that such outstanding international problems as postwar reconstruction, the world agricultural depression of the late 1920’s, and the financial and commercial crisis of the early 1930’s involved also the group of countries which were relatively underdeveloped, poorer, and individually insignificant in the international economy. Until very recently, however, the literature on international economic issues concentrated on problems of “global significance” affecting the major commercial and political powers such as the United States, Great Britain, France, and Germany.