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The article discusses the emergence of a new world economic order and its implications for the U.S., Europe, Japan and least developed countries. It discusses the fundamental changes triggered by the shift in relations between the old economic world and the new economic world, including a sharp slowing in world economic growth, a slowing in the rise of world trade and an increase in the productivity of labor relative to capital. It discusses the rise in protectionism with the intensifying competition from the advanced developing countries.

The article offers an update on international trade as of October 1931. Currency hoarding and political issues are a cause of concern throughout Europe. The French business community is showing a lack of confidence in the U.S., Germany and England as it foresees financial and political crises in these countries. The trade relations between Japan and China are being affected by various factors including flood and famine in China and the claim by Japan that the Chinese government is responsible for anti-Japanese movements.

The article reports that America's trade promotion to Eastern Europe is paying off for Western Europe and Japan. It states that Japan and Western Europe are acquiring most of the economic benefits of the increased trade imposed by U.S. officials in the early 1970s. It relates that in 1975, the 11 top industrial nations of Western Europe, along with Canada and Japan, sold over 20 billion U.S. dollars of products to the Soviet Union and its East European associates.