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The German Hyperinflation Of 1921 23
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Book Synopsis The German Hyperinflation of 1921-23 by : Jörg L. Spenkuch
Download or read book The German Hyperinflation of 1921-23 written by Jörg L. Spenkuch and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a unified account of the German hyperinflation. In doing so it draws on insights from economic history as well as on those from monetary economics. It proposes an alternative mechanism to the formation of adaptive inflation expectations, and finds that empirical estimates of the semi-elasticity of real money demand with respect to expected inflation are not only highly sensitive to the specific period that they are derived for, but also to the way expectations are formed. Nevertheless, mild support for the suggested mechanism is found. Moreover, observations in 10-day intervals for the last phase of the hyperinflation permit to test the hypothesis of Germans substituting their mark holdings for hard foreign currency, despite foreign exchange controls. Lastly, in contrast to previous studies the rate of money creation is shown to have been roughly optimal until the summer of 1922. A way of rationalizing the subsequent 'excessive inflation' is also provided.
Book Synopsis Exchange, Prices, and Production in Hyper-inflation by : Frank Dunstone Graham
Download or read book Exchange, Prices, and Production in Hyper-inflation written by Frank Dunstone Graham and published by Ludwig von Mises Institute. This book was released on 1930 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis German Hyperinflation 1922/23 by : Wolfgang Chr Fischer
Download or read book German Hyperinflation 1922/23 written by Wolfgang Chr Fischer and published by BoD – Books on Demand. This book was released on 2010 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The aim of this research monograph is to explore the establishment of a new economic order in the infant German Republic or often called Weimar Republic (Deutsches Reich) after World War I and its social and economic turbulance."--P. 1.
Book Synopsis Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 by : Frank Graham
Download or read book Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 written by Frank Graham and published by . This book was released on 2011-06-15 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: his large-scale study of the German hyper-inflation is definitive in the English language. Written by a professor at Princeton University, and published in 1930, Frank Graham's treatment was so accurate and incisive that Ludwig von Mises himself recommended it time and again.The book begins with clarity about cause and effect."Germany, in common with other warring countries, departed from the gold standard at the outbreak of hostilities in 1914. On November 20, 1923, the German paper mark, after having fallen to an infinitesimal fraction of its former value, was made redeemable in the newly introduced rentenmark at a trillion to one."Further: "In 1913 the mark was solidly based on gold; in 1923 its value was, as one writer has said, something more ridiculous than zero."An economic historian who understands the relationship between fiat money and inflation is prepared to write a great history, and Graham does that here.The economics of this book are rock solid. He places strong emphasis on the strange behavior of business enterprises under hyperinflation. One might expect that business leaders would decry that inflationary path. The opposite is true."Many of the leaders of business were convinced that inflation was necessary to the rehabilitation of the German industrial organization; that only through a falling exchange value of the mark could essential foreign markets be regained; that the business profits which it promised, and indeed produced, were a prerequisite to the restoration of a sound peacetime economy."The narrative history here is deeply scientific, covering the economic history blow by blow. He covers the wartime background, the political factors that led to the inflationary choice, the regulation of business under inflation, price controls and their enforcement, the measurement of inflation, the effects on production, the devastation of national income, the gutting of genuine entrepreneurship, the losses on foreign trade, the surprising winners from the wholesale looting, among many other considerations.He comes to terms with a very strange paradox: business was booming during the inflation as never before. Bankruptcies were actually falling and new businesses were forming everywhere. And yet, looked at as a whole, the entire economic structure was being wiped out.Professor Graham discusses the details of this strange paradox and shows how inflation creates such an upsidedown world that the distinction between reality and illusion gets lost. Trading, speculation, working, and economic activity in general might be up, but productivity, income, and economic well being was being destroyed in the process. The activity was entirely diverted from production and wealth creation to consumption and speculation. He provides a very close examination of the turning point of the crisis, when the seeming economic activity turned from hyper-boom to calamity. In particularly, he focuses on the point at which workers began to realize that their wages were not going up but dramatically down in real terms, and began to dump the currency, demanding payment in foreign currencies or goods. The inability of entrepreneurs to function came suddenly.He further assesses the motivation for inflation as it stemmed from the astonishing burden that the Allied powers placed on Germany in the form for reparations for World War I. In this sense, he says, and only in this sense, can the inflation be seen to have benefited the country. It permitted them to get out from under their reparations debt. But the political implications were yet to be revealed by the time this book went to print in 1930.Professor Graham ends on an ominous note that the main mystery yet to be decided concerns what the politics of the situation has in store. He calls this aspect "an inscrutable mystery." The mystery to be revealed in time was of course the rise of Hitler.
Book Synopsis The Downfall of Money by : Frederick Taylor
Download or read book The Downfall of Money written by Frederick Taylor and published by Bloomsbury Publishing USA. This book was released on 2015-03-03 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Excellent . . . Mr. Taylor tells the history of the Weimar inflation as the life-and-death struggle of the first German democracy . . . This is a dramatic story, well told." --The Wall Street Journal
Book Synopsis A History of Big Recessions in the Long Twentieth Century by : Andrés Solimano
Download or read book A History of Big Recessions in the Long Twentieth Century written by Andrés Solimano and published by Cambridge University Press. This book was released on 2020-02-20 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth century.
Download or read book Dying of Money written by Jens O. Parsson and published by Dog Ear Publishing. This book was released on 2011 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: The cover motif is a piece of old German money. It is a Reichsbanknote issued on August 22, 1923 for one hundred million marks. Nine years earlier, that many marks would have been about 5 percent of all the German marks in the world, worth 23 million American dollars. On the day it was issued, it was worth about twenty dollars. Three months later, it was worth only a few thousandths of an American cent. The process by which this occurs is known as inflation. A few years before, in 1920 and 1921, Germany had enjoyed a remarkable prosperity envied by the rest of the world. Prices were steady, business was humming, everyone was working, the stock market was skyrocketing. The Germans were swimming in easy money. Within the year, they were drowning in it. Until it was all over, no one seemed to notice any connection between the earlier false boom and the later inflationary bust. In this book, Jens O. Parsson performs the neat trick of transforming the dry economic subject of inflation into a white-knuckles kind of blood-chiller. He begins with a freewheeling account of the spectacular inflation that all but destroyed Germany in 1923, taking it apart to find out both what made it tick and what made it finally end. He goes on to look at the American inflation that was steadily gaining force after 1962. In terms clear and fascinating enough for any layman, but with technical validity enough for any economist, he applies the lessons gleaned from the German inflation to find that too much about the American inflation was the same, lacking only the inexorable further deterioration that time would bring. The book concludes by charting out all the possible future prognoses for the American inflation, none easy but some much less catastrophic than others. Mr. Parsson brings much new light to bear on this subject. He lays on the line in tough, spare language exactly how and why the American inflation was caused, exactly who was responsible for causing it, exactly who unjustly benefited and who suffered from the inflation, exactly why the government could not permit the inflation to stop or even to cease growing worse, exactly who was going to pay the ultimate price, and exactly what would have to be done to avert the ultimate conclusion. This book packs a wallop. It is not for the timid, and it spares no tender sensibilities. The conclusions it reaches are shocking and are bound to provoke endless dispute. If they proved to approximate even remotely the correct analysis of the American inflation, hardly any American citizen could escape being the prey of inflation and no one could afford not to know where the inflation was taking him. In the economic daily lives of everyone, nothing will be the same after this book as it was before.
Book Synopsis The Great Disorder by : Gerald D. Feldman
Download or read book The Great Disorder written by Gerald D. Feldman and published by Oxford University Press. This book was released on 1997-03-06 with total page 1048 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive study of the most famous and spectacular instance of inflation in modern industrial society--that in Germany during and following World War I. A broad, probing narrative, this book studies inflation as a strategy of social pacification and economic reconstruction and as a mechanism for escaping domestic and international indebtedness. The Great Disorder is a study of German society under the tension of inflation and hyperinflation, and it explores the ways in which Germany's hyperinflation and stabilization were linked to the Great Depression and the rise of National Socialism. This wide-ranging study sets German inflation within the broader issues of maintaining economic stability, social peace, and democracy and thus contributes to the general history of the twentieth century and has important implications for existing and emerging market economies facing the temptation or reality of inflation.
Book Synopsis The Struggle for the Streets of Berlin by : Molly Loberg
Download or read book The Struggle for the Streets of Berlin written by Molly Loberg and published by Cambridge University Press. This book was released on 2018-03-29 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Who owns the street? Interwar Berliners faced this question with great hope yet devastating consequences. In Germany, the First World War and 1918 Revolution transformed the city streets into the most important media for politics and commerce. There, partisans and entrepreneurs fought for the attention of crowds with posters, illuminated advertisements, parades, traffic jams, and violence. The Nazi Party relied on how people already experienced the city to stage aggressive political theater, including the April Boycott and Kristallnacht. Observers in Germany and abroad looked to Berlin's streets to predict the future. They saw dazzling window displays that radiated optimism. They also witnessed crime waves, antisemitic rioting, and failed policing that pointed toward societal collapse. Recognizing the power of urban space, officials pursued increasingly radical policies to 'revitalize' the city, culminating in Albert Speer's plan to eradicate the heart of Berlin and build Germania.
Book Synopsis The inflation crisis, and how to resolve it by : Henry Hazlitt
Download or read book The inflation crisis, and how to resolve it written by Henry Hazlitt and published by Ludwig von Mises Institute. This book was released on 1978 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The German Inflation, 1914-1923 by : Carl-Ludwig Holtfrerich
Download or read book The German Inflation, 1914-1923 written by Carl-Ludwig Holtfrerich and published by Walter de Gruyter. This book was released on 1986 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: No detailed description available for "The German Inflation 1914-1923".
Book Synopsis The Oxford Handbook of the Weimar Republic by : Nadine Rossol
Download or read book The Oxford Handbook of the Weimar Republic written by Nadine Rossol and published by Oxford University Press. This book was released on 2022 with total page 849 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Weimar Republic was a turbulent and pivotal period of German and European history and a laboratory of modernity. The Oxford Handbook of the Weimar Republic provides an unsurpassed panorama of German history from 1918 to 1933, offering an indispensable guide for anyone interested in the fascinating history of the Weimar Republic.
Book Synopsis Weimar and Nazi Germany by : Fiona Reynoldson
Download or read book Weimar and Nazi Germany written by Fiona Reynoldson and published by Heinemann. This book was released on 1996 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Culture and Inflation in Weimar Germany by : Bernd Widdig
Download or read book Culture and Inflation in Weimar Germany written by Bernd Widdig and published by Univ of California Press. This book was released on 2001-03-21 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Germans the hyperinflation of 1922 to 1923 was one of the most decisive experiences of the twentieth century. In his original and authoritative study, Bernd Widdig investigates the effects of that inflation on German culture during the Weimar Republic. He argues that inflation, with its dynamics of massification, devaluation, and the rapid circulation of money, is an integral part of modern culture and intensifies and condenses the experience of modernity in a traumatic way.
Book Synopsis Political Violence in the Weimar Republic, 1918-1933 by : Dirk Schumann
Download or read book Political Violence in the Weimar Republic, 1918-1933 written by Dirk Schumann and published by Berghahn Books. This book was released on 2012-04 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: In noting that political violence was the product of choices made by political actors rather than the result of irresistible forces ...Schumann issues a pertinent warning while making a first-rate contribution to the scholarly literature on the Weimar Republic. Central European History A well-documented and skillfully argued book. German Studies Review In his exceptional regional study of the Prussian province of Saxony, Schumann offers a richly detailed analysis of political violence in the Weimar Republic...This is a wordy but methodical and ultimately convincing work of scholarship. Choice Schumann ... calls into question some assumptions, provides interesting nuances, and helps to refine our understanding of the nature of political violence in Weimar Germany. Journal of Modern History ... provides a well-documented, solid narrative and challenging analysis of Weimar's political violence... American Historical Review This] definitive work, rich in source material and analysis, dispels stereotypes of political violence in the Weimar Republic. Historische Zeitschrift The Prussian province of Saxony-where the Communist uprising of March 1921 took place and two Combat Leagues (Wehrverb nde) were founded (the right-wing Stahlhelm and the Social Democratic Reichsbanner) - is widely recognized as a politically important region in this period of German history. Using a case study of this socially diverse province, this book provides a comprehensive analysis of political violence in Weimar Germany with particular emphasis on the political culture from which it emerged. It refutes both the claim that the Bolshevik revolution was the prime cause of violence, and the argument that the First World War's all-encompassing "brutalization" doomed post-1918 German political life from the very beginning. The study thus contributes to a view of the Weimar Republic as a state in severe crisis but with alternatives to the Nazi takeover. Dirk Schumann is Professor of History at Georg-August University, G ttingen. He is the co-editor of Life After Death (2003), Violence and Society after the First World War (first issue of Journal of Modern European History 2003]), Between Mass Death and Individual Loss (2007). Most recently, he has edited Raising Citizens in the "Century of the Child" The United States and German Central Europe in Comparative Perspective (2010).
Book Synopsis Rational Expectations and Inflation by : Thomas J. Sargent
Download or read book Rational Expectations and Inflation written by Thomas J. Sargent and published by Princeton University Press. This book was released on 2013-05-05 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fully expanded edition of the Nobel Prize–winning economist's classic book This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
Book Synopsis Pragmatic Capitalism by : Cullen Roche
Download or read book Pragmatic Capitalism written by Cullen Roche and published by Macmillan. This book was released on 2014-07-08 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: An insightful and original look at why understanding macroeconomics is essential for all investors
