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In 1921 Austria became the first interwar European country to
experience hyperinflation. The League of Nations, among other
actors, stepped in to help reconstruct the economy, but a decade
later Austria's largest bank, Credit-Anstalt, collapsed. Historians
have correlated these events with the banking and currency crisis
that destabilized interwar Europe-a narrative that relies on the
claim that Austria and the global monetary system were the victims
of financial interlopers. In this corrective history, Nathan Marcus
deemphasizes the destructive role of external players in Austria's
reconstruction and points to the greater impact of domestic
malfeasance and predatory speculation on the nation's financial and
political decline. Consulting sources ranging from diplomatic
dossiers to bank statements and financial analyses, Marcus shows
how the League of Nations' efforts to curb Austrian hyperinflation
in 1922 were politically constrained. The League left Austria in
1926 but foreign interests intervened in 1931 to contain the
fallout from the Credit-Anstalt collapse. Not until later, when
problems in the German and British economies became acute, did
Austrians and speculators exploit the country's currency and
compromise its value. Although some statesmen and historians have
pinned Austria's-and the world's-economic implosion on financial
colonialism, Marcus's research offers a more accurate appraisal of
early multilateral financial supervision and intervention.
Illuminating new facets of the interwar political economy, Austrian
Reconstruction and the Collapse of Global Finance reckons with the
true consequences of international involvement in the Austrian
economy during a key decade of renewal and crisis.
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[Sermons (Paperback)
Nathan Marcus Adler
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R419
R339
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Save R80 (19%)
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This is a reproduction of a book published before 1923. This book
may have occasional imperfections such as missing or blurred pages,
poor pictures, errant marks, etc. that were either part of the
original artifact, or were introduced by the scanning process. We
believe this work is culturally important, and despite the
imperfections, have elected to bring it back into print as part of
our continuing commitment to the preservation of printed works
worldwide. We appreciate your understanding of the imperfections in
the preservation process, and hope you enjoy this valuable book.
This is a reproduction of a book published before 1923. This book
may have occasional imperfections such as missing or blurred pages,
poor pictures, errant marks, etc. that were either part of the
original artifact, or were introduced by the scanning process. We
believe this work is culturally important, and despite the
imperfections, have elected to bring it back into print as part of
our continuing commitment to the preservation of printed works
worldwide. We appreciate your understanding of the imperfections in
the preservation process, and hope you enjoy this valuable book.
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