Books > History > World history > From 1900
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1931 - Debt, Crisis, and the Rise of Hitler (Hardcover)
Loot Price: R425
Discovery Miles 4 250
You Save: R156
(27%)
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1931 - Debt, Crisis, and the Rise of Hitler (Hardcover)
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List price R581
Loot Price R425
Discovery Miles 4 250
You Save R156 (27%)
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Germany's financial collapse in the summer of 1931 was one of the
biggest economic catastrophes of modern history. It led to a global
panic, brought down the international monetary system, and turned a
worldwide recession into a prolonged depression. The German crisis
also contributed decisively to the rise of Hitler. Soon after the
crisis, the Nazi Party became the largest party of the country
which paved the way for Hitler's eventual seizure of power in 1933.
The reason for the financial collapse was Germany's large pile of
foreign debt denominated in gold currency which condemned the
government to cut spending, raise taxes, and lower wages in the
middle of a worldwide recession. As the political resistance to
this austerity policy grew, the German government began to question
its debt obligations, prompting foreign investors to panic and sell
their German assets. The resulting currency crisis led to the
failure of the already weakened banking system and a partial
sovereign default. Hitler managed to profit from the crisis,
because he had been the most vocal critic of the reparation regime.
As the financial system collapsed, his relentless attacks against
foreign creditors and the alleged complicity of the German
government resonated more than ever with the electorate. Sadly
enough, Germany's creditors hesitated too long to take the wind out
of Hitler's sails by offering debt relief. In 1931,Tobias Straumann
reveals the story of the fatal crisis, demonstrating how a debt
trap contributed to the rapid financial and political collapse of a
European country, and to the rise of the Nazi Party.
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