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This text provides an up-to-date economic history of Europe in the inter-war period. Placing the great depression of 1929-33 and the associated financial crisis at the centre of the narrative, it presents them as both the culmination of the economic consequences of World War I, the post-war peace treaties, and the policies and practices of the 1920s, and as a powerful influence on the subsequent economic history of the 1930s. In describing and explaining these developments, the authors show that errors in international economic policy were a principal cause of the deep crisis and the partial recovery. The main focus is on the overall theme, and this is illustrated at every point by a discussion of similarities and contrasts in the economic history and policies of individual countries, large and small.