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Estonia's Place in the World Economy from 1920 to 1940
| Nr. | Chapter | Page. |
| INTRODUCTION | 3 | |
| 1. | Post World War I period or The War of Independence (1918 - 1920) | 4 |
| 2. | Independent Estonian parliamentary democracy (1920 - 1929) | 8 |
| 2.1. | Foreign trade in the Republic of Estonia in the 1920s and 1930s | 10 |
| 2.2. | Estonia and international relations in the 1920s and 1930s | 11 |
| 3. | The Great Depression (1930 - 1933) | 13 |
| 4. | Pre - World War II period or period of authoritarian rule (1934 - 1939) | 15 |
| CONCLUSIONS | 18 | |
| SOURCES | 19 |
CONCLUSIONS
1. Due to Estonia's division of import and export among its trade partners, or rather lack of division, concentrating and relying in Germany's and Great Britain's markets proved to be a poor decision as it crippled Estonia's foreign trade in the wake of Great Depression.
2. With the failure to form the Baltic League Estonia's hopes for a major defensive alliance faded and they resorted to claiming neutrality, which unfortunately they failed to realise. However even if successful would have most likely been for nothing with all the international pact violations going on a little before and during WWII among the major countries.
3. Ineffective work and indecisiveness of the government when Estonia faced the wave of the Great Depression made it fall in even greater crisis.
4. The political inconsistency over the inter-war period made an impact towards the life of Estonian society, as well as it further led to the loss of sovereignty of the state.
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The first period of independence lasted 22 years, beginning in 1918 until 1940. Estonia underwent a number of economic, social, and political reforms necessary to come to terms with its new status as a sovereign state. Economically and socially, land reform in 1919 was the most important step.
