The German balance of payments crisis of 1934 left a lasting impact on Germany’s trade relations. It is commonplace to describe Germany’s trade policy from the summer of 1934 onwards as autarchic–a generalized effort to restrict imports and achieve self-sufficiency. A close look at the trade statistics reveals that ‘autarchy’ in fact amounted to a selective policy of disengagement directed above all against the United States, the British Empire and, to a lesser degree, France.
