Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897-1927 Hardcover – 27 Apr 1995
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'… meticulously researched and closely argued … Ferguson performs some admirable detective work in reconstructing the emergence and transmission of a revisionist argument … a brilliant and evocative analysis …' Christopher Clark, The Times Literary Supplement
In this analysis of the German inflation of the early 1920s, Niall Ferguson argues that stabilising economic policies could have been adopted in 1920, had it not been for long-standing defects in Germany's political institutions.See all Product Description
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Ferguson's strongest point is that this sideeffect of Germany's inflation undermined one of the main policy aims after 1919 - the revision of the Versailles treaty. According to the architects of 'fulfillment', the inflation would lead to an export boom as the mark's value on the foreign exchanges collapsed faster than in Germany itself. Hence, the Allies would realize that they would ultimately have to pay for German reparations through unemployment at home. Instead, because loose monetary policy caused a boom in the Reich at the very time when other industrialized countries went into recession, the trade balance degenerated as imports surged and exports languished in depressed foreign markets. Ferguson thus exposes an important inconsistency in the inflationary strategy - but it is one that only the benefit of hindsight reveals.Read more ›
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