A graphic account of the chief political, diplomatic, economic and military developments of the past year which in some way affected the interests of the United States. Three chapters describe the collapse of the agencies for collective security through Italy's defiance of the League, Germany's repudiation of the Locarno Pact, and Japan's withdrawal from the naval limitation agreements. There is a description of the armaments race among the Great Powers, of efforts in the democratic countries to control the munitions industry and take the profits out of war, and of the attempt of the United States through "permanent" neutrality legislation to insulate itself against "the next war." The measures taken at Washington to reduce trade barriers, to aid in currency stabilization and to put relations among the American republics on a sounder basis are treated in detail. The story is told briskly and objectively. In clarity and scholarship this latest volume of an annual survey maintains the standard of its predecessors.