Global Trade Shrinks

Understanding this trade collapse is crucial, as it highlights the fragility of the global economy and the potential for similar crises in the future. This book uniquely emphasizes policy missteps, such as ""beggar-thy-neighbor"" approaches, rather than solely blaming the stock market crash. For instance, the rise in protectionist trade policies exacerbated the crisis, demonstrating how interconnected the global economy truly was.

Analyzing data from the League of Nations and archival sources, the book progresses by first establishing the state of global trade in the 1920s, then examining the rise of protectionism and the instability of the gold standard, before concluding with lessons for policymakers today.