This volume, published under the auspices of the Council on Foreign Relations, is unquestionably the best single treatment in English dealing with the economic history and prospects of the German Republic. In view of the enormous American investments in Germany and the close inter-relationships of modern economic life, the importance of the subject need not be stressed. Professor Angell is thoroughly conversant with the tremendous amount of professional literature and with the relevant statistical material, and has secured further information through prolonged personal investigation of conditions on the spot. The book traces at some length the history of Germany's collapse, the beginning of reconstruction under the Dawes Plan and the general rehabilitation since 1924. Of particular interest is the author's consideration of the prospect for the future, in industry, trade, labor and finance.