This article begins with a brief evocation of the main features of the legacy left to us by Raúl Prebisch, not only from the strictly intellectual point of view, but also as a model of humanism. It then goes on to deal with the present situation of the world, with special emphasis on trade, and highlights the return of a war economy mentality and the instability reigning in the oil market, both of which militate against the greater investment needed in order for the world economy to grow at a satisfactory rate. It notes that in spite of all this, in the present circumstances there has nevertheless been some recovery of growth and revitalization of trade. Finally, it analyses the structural changes which have taken place or are under way in the world trade system and, in particular, the extent to which those changes resemble those that Prebisch hoped for or fall short of his expectations.