Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897-1927
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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Aby Warburg Albert Ballin Allies American Arbeiter Arbeiterbewegung Aufzeichnungen Ballin Bank Berlin Blohm & VoB bourgeois Bresciani businessmen BUttner capital cent Collected Writings Cuno Government deficit depreciation Deutsche Werft deutschen Deutschland Disorder DNVP employers Feldman figure Finance Finanzpolitik firms fiscal Germany's Geschichte gold marks Hamburger Fremdenblatt Hapag HG to SK HKH to DHSG Holtfrerich Holtzendorff Hyperinflation Ibid idem important increase industry inflation inflationary J.M. Keynes Jahresbericht 1920 Kabinett Keynes Kohlhaus labour loan Lyth M.M. Warburg Maier Max Warburg Melchior monetary organisations PA/AA Paul Warburg payments peace Petzina political Politische Gerechtigkeit pre-war Recasting Bourgeois Europe Reich Reichsbank reichsmarks Reichstag reparations revolution revolutionary Rupieper Schramm sector Senate shipping lines shipyards Sitzung social stabilisation StAH Sterling Library Stinnes Stoats trade Ullrich Versailles wages Webb Weimar Republic Weimarer Republik Werft to Reusch Wirtschaft Witthoefft workers