Abstract: The central themes in this chapter are the disintegration of the international economy — de-globalization — which followed the onset of the Great Depression, and the path to recovery in the main areas of the world. Cooperation was desperately needed to mitigate the effects of the slump, but it was not forthcoming. The European nations and the United States displayed disharmony and rivalry at the World Economic Conference of 1933. Each country had its own agenda and priorities; the world economy broke up into separate trading areas. The sterling area fared the best as a result of Britain's devaluation. India and Latin America are special cases within the sterling area. The gold bloc retained the gold standard and fared the worst. The United States and Soviet Union pursued opposite policies toward recovery.

Keywords: de-globalization, world conference of 1933, sterling block, gold bloc, Nazi trade policies, New Deal, Soviet collectivization, Imperial preferences,