The most remarkable feature of international trade in the post-war period has been its expansion. The few figures available for the early post war period suggest that this had probably started by the end of the 1940s. Following the Korean war boom, the volume and unit price of goods entering international trade rapidly increased, reaching a peak in 1951. There was a slight setback in the volume of trade the following year, but it picked up quickly, whereas prices continued to fall for several years. It is with the period thereafter – from 1953 to 1973 – that this essay will chiefly be concerned. The analysis will examine trade from the point of view of its change overall, its commodity composition, and relative commodity prices. It will consider why the situation after the Second World War has been so different from that in the inter-war period and why, in spite of general expansion, underdeveloped countries have been so dissatisfied with their position in international markets.