Introduction; 1. The Schneider-Škoda Alliance, 1919–1930; 2. Disarmament by default, the British Arms business in Eastern Europe, 1921–1930; 3. The Škoda scandal in Romania, 1930–1934; 4. Limited modernizations and surreptitious re-armaments: the aircraft business in Eastern Europe, 1920–1930; 5. Soviet re-armament, Great Depression, and general disarmament, 1930–1933; 6. Czechs and balances, re-armament and the Switch from peace to war, 1934–41; Conclusion.