This is one of the best accounts of the development of the German Republic in the first decade after the war. The writers have the advantage of being outsiders, who can look upon the situation without passion. At the same time they write sympathetically and show throughout an unusual understanding not only of the questions at issue, but of the position and aims of the men responsible for their solution. In attacking the political problem the authors stress the fact that the Allies, who were largely instrumental in bringing about the collapse of the old régime, crushed the new state with a staggering peace treaty. If the Republic has survived, it has not been due to sympathetic treatment at the hands of the country's former enemies. In any case the immediate result of the treaty was the strengthening of the reactionary nationalist movement, which is skillfully analyzed and described in this volume. But the larger part of the book is taken up with a consideration of the economic problems, upon which the situation largely hinged. We are given an excellent treatment of all the ramifications of the reparation question, as well as an illuminating account of the reorganization of Germany industry and the economic recovery of the country. The volume is one with which little fault can be found.