Free PDF The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class
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The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class
Free PDF The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class
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A hundred years ago, many theorists believed-just as they did at the beginning of our twenty-first century-that the world had reached a state of economic perfection, a never before seen human interdependence that would lead to universal growth and prosperity. Then, as now, the German mark was one of the most trusted currencies in the world. Yet the early years of the Weimar Republic in Germany witnessed the most calamitous meltdown of a developed economy in modern times. The Downfall of Money will tell anew the dramatic story of the hyperinflation that saw the mark-worth 4.2 to the dollar in 1914-plunge until it traded at over 4 trillion to 1 by the autumn of 1923.
The story of the Weimar Republic's financial crisis clearly resonates today, when the world is again anxious about what money is, what it means, and how we can judge if its value is true. It is a trajectory of events uncomfortably relevant for our own uncertain world.
Frederick Taylor-one of the leading historians of Germany writing today- explores the causes of the crisis and what the collapse meant to ordinary people and traces its connection to the dark decades that followed. Drawing on a wide range of sources and accessibly presenting vast amounts of research, The Downfall of Money is a timely and chilling exploration of a haunting episode in history.
Product details
Hardcover: 432 pages
Publisher: Bloomsbury Press; 1 edition (September 17, 2013)
Language: English
ISBN-10: 162040236X
ISBN-13: 978-1620402368
Product Dimensions:
6.4 x 1.4 x 9.5 inches
Shipping Weight: 1.7 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
64 customer reviews
Amazon Best Sellers Rank:
#743,385 in Books (See Top 100 in Books)
Frederick Taylor is a historian, not an economist. In "The Downfall of Money" he writes a history of Germany from 1914 to 1925 through the lens of the great inflation that befell that country. For example the German Mark falls from 4.2 to the dollar in August 1914 to nearly 7 trillion to the dollar by the end of 1923. He tells the story of how an ordinary wartime inflation which occurred in all of the major combatants turned into a hyperinflation in the postwar era as Germany was weighed down by reparations payments along with a social democratic imperative to fund the welfare state.He tells the story as to how the inflation impacted various stratas of society with big winners and big losers. The losers were well represented in the German middle-class who patriotically bought war bonds that were to become worthless and for many of them their wages failed to keep up with the inflation. The winners were farmers who held real assets and saw their debts erased by inflation along with the great industrialists who witnessed a stock market boom and the elimination of corporate indebtedness. By the end of the inflation the entire domestic debt of Germany was eliminated. To be sure the external debt was enormous.Along the way we witness the rise of the Freikorps, the killing of Rosa Luxemburg and Karl Liebknecht and the assasination of Walter Rathenau, a Jewish industrialist who served as foreign minister. There is also a cameo appearance of a demobilized corporal who would one day rule all of Germany.Harris certainly has a feel for the history of the period. However, I only wish he would have integrated charts and tables in the text in order to get a better understanding of what was going on in the macroeconomy. Further he should have spent more time discussing the stabilization program that came in 1924 that broke the inflation and of its consequences. Nevertheless the book is well worth the read.
This is an absolutely excellent book on inflation. The author starts with the fact that the Germans did not pay for the war with more taxes (which the US did mostly during WWII). It just printed money. This meant inflation, but it wasn't crippling. After the War, the Germans were in chaos with an attempted Communist takeover which was defeated followed by an attempted right wing takeover which was defeated by the SPD organized general strike. The SPD lead the government and was generous with social benefits even if it did not have the money to pay them. This meant more inflation. Now it was getting bad. But the clincher was the French/Belgian occupation of the Ruhr and the Ruhr workers going out on strike. The Weimar government continued to pay them. Nice sentiment, but you can't pay people and get no economic work in return. The result was the horrendous 1923 inflation which totally destroyed the German currency and Middle Class savings. One would think we would learn from this historical experience. But Argentina hasn't. It is going down the same inflationary path (without a war to blame it on). The Argentine Peso was 1 to 1 with the Dollar in 2000. It is 12 to the Dollar in Jan 2014......and worse is to come. These two case histories (Germany 1914-1923, Argentina 2000-2014) should be taught in every university economics curriculum. I hope that Frederick Taylor is writing a book about Argentina.
Most readers are aware of the hyper inflation that ravaged post World War I Germany but few understand the causes. This book does an excellent job explaining the government policies that resulted in this economic calamity. The book is also written in terms that readers unfamiliar with economics are able to understand.
At the worst of the hyper inflation a U.S. dollar was worth 3 billion marks. Workers were paid twice a day and their wives anxiously awaited the payments so they could run out buy whatever could be had.I found the most interesting part was the explanation of why solid middle class Germans followed Hitler. During WW1 they patriotically bought war bonds and invested in real estate, were landlords and had their savings as well as the bonds wiped out after the war. They associated the Weimar Republic and hence Democracy with this along with the "stab in the back" and turned not to the Left for remedy but to the Right where the National Socialists promised a better tomorrow and revenge on those who betrayed the Fatherland.There is a lot of dry economics and many lists of currency rates and prices to get through but it's well worth it. A terrific cautionary tale against an unsound economy.
Purchased this book expecting to understand the underlying conditions and economics that led to the infamous hyperinflation of Weimar Germany. Through ~125-150 pages there was nothing but politics and history of the WWI. If this is what I wanted, I would have bought a WWI book instead. Stopped reading around 125-150 pages.
Hyperinflation in Germany was a piece of history I wanted to learn and this book taught me well. If you don't think inflation is the evil that destroys the middle class and the society, then this book will convince you otherwise. It still breaks my heart thinking about some of the people in this book and what they had to endure between WWI and WWII.
this book was an insightfull and a really good read!I was a child, growing up in Germany after the 2nd world war and could identify with a lot of stuff in this book, especially the loss or exchange of money. It also gave me an insight of how and why Hitler came to power at that time in Germany and how the German people suffered after the 1st world war. After the 2nd world war (which in my view was a continuation of the 1st) the German people continued to suffer. My family were refugees from the East (now Ukraine) into Germany and were very very poor .and had to beg for food, mostly from the farmers
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