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Paper and Iron - Hamburg Business and German Politics in the Era of Inflation, 1897-1927 (Hardcover)
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Paper and Iron - Hamburg Business and German Politics in the Era of Inflation, 1897-1927 (Hardcover)
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Few economic events have had a more profound or enduring impact
than the German hyperinflation of 1923, still remembered popularly
as a root cause of Hitler's rise to power. Yet in recent years many
historians have argued that inflationary policies were, on balance,
advantageous to post-1918 Germany, both boosting growth and helping
to reduce reparations. The scholarly consensus is that there was no
viable alternative to inflation. In Paper and iron Niall Ferguson
takes a different view. Focusing on the influential Hamburg
business community, he exposes the flaws in the contemporary
justifications for inflationary policies. The inflation, he argues,
did severe damage to the German economy by eroding the foundations
of bourgeois society and discrediting Weimar's welfare state. Above
all, it did nothing whatever to reduce reparations. Alternative
policies might in fact have stabilised the German currency in 1920.
To explain why such policies were not adopted, the author points to
long-term defects in the political economy of the Reich. He
suggests that there was a thirty-year 'era of inflation' after 1897
in which the inadequacy of the Reich's fiscal and monetary
institutions allowed economic interest groups to wield excessive
power. This internal imbalance of power was reversed only in the
1930s. Thus Paper and iron reveals not only the Wilhelmine origins
of Weimar's failure; it also casts new light upon the origins of
the Third Reich.
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