Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897-1927

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Cambridge University Press, Nov 7, 2002 - Business & Economics - 556 pages
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 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. He argues that inflation was indeed an economic and political disaster, and further that there were alternative economic policies which could have stabilised the German currency in 1920. To explain why these were not adopted he points to long-term defects in the political institutions of the Reich which went back as far as the 1890s and which persisted beyond 1918. The book therefore reveals the Wilhelmine origins of Weimar's failure, as well as casting light on the origins of the Third Reich.
 

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Contents

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About the author (2002)

Niall Ferguson was born April 18, 1964, in Glasgow. He is a Scottish historian. He specializes in financial and economic history as well as the history of empire. He is the Laurence A. Tisch Professor of History at Harvard University and the William Ziegler Professor of Business Administration at Harvard Business School. His books include Paper and Iron: Hamburg Business and German Politics in the Era of Inflation 1897-1927 (1993), Virtual History: Alternatives and Counterfactuals (1997), The Pity of War: Explaining World War One (1998), The World's Banker: The History of the House of Rothschild (1998), The Cash Nexus: Money and Power in the Modern World, 1700-2000 (2001), Empire: The Rise and Demise of the British World Order and the Lessons for Global Power (2003), Colossus: The Rise and Fall of the American Empire (2004), The War of the World: Twentieth-Century Conflict and the Descent of the West (2006) and The Ascent of Money: A Financial History of the World (2008), Civilization: The West and the Rest (2011) , The Great Degeneration: How Institutions Decay and Economies Die, and The Square and the Tower: Networks and Power, from the Freemasons to Facebook.

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