RESUMEN: Dentro del an?lisis de la pol?tica comercial de la Europa continental, este trabajo profundiza en la reacci?n proteccionista que, contrastando con la apertura anterior, caracteriza el final del siglo XIX y los primeros a?os del XX, justo hasta el comienzo de la Gran Guerra. Para ello indaga en los factores, especialmente las consecuencias de la "Gran Depresi?n", que provocan este cambio, en las pol?ticas comerciales de los principales pa?ses europeos ante la crisis y en los niveles de protecci?n establecidos. Unas reflexiones finales sobre el com?n movimiento de elevaci?n arancelaria que preside la evoluci?n de las pol?ticas comerciales del continente en esta etapa y el diverso grado de protecci?n decidido, permiten definir con exactitud la reacci?n proteccionista realmente acometida. Palabras Clave. Pol?tica comercial, Proteccionismo, Crisis econ?mica, Estado, Fin de siglo. ABSTRACT: Within the analysis of the commercial policy of continental Europe, this study delves deeper into the protectionist reaction which, in contrast with the former openness, characterised the end of the nineteenth century and the beginning of the twentieth, right up until he beginning of the Great War. It inquires into the factors that provoked this change, especially the consequences of the Great Depression, and into the commercial policies of the main European countries in the face of this crisis, as well as the levels of protection established. Some final reflections on the common movement to raise tariffs which presided the evolution of the continent's commercial policies during this stage and the diverse degree of protection decided on make it possible to precisely define the protectionist action really undertaken. Key Words: Commercial Policy, Protectionism, Economic Crisis, State, Turn of the Century.