Triumph of the Optimists: 101 Years of Global Investment Returns
by Elroy Dimson, Paul Marsh and Mike Staunton · 3 Feb 2002 · 353pp · 148,895 words
particularly 1923 in our calculations, the German arithmetic mean annual inflation rate over the 101 years from 1900–2000 would exceed two billion percent. The German hyperinflation had devastating consequences, wiping out all internal debts almost overnight, and ruining a substantial proportion of Germany’s middle class. Savings, bank balances, mortgages, annuities
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Between 1919 and 1925, four other countries outside our sample, Austria, Hungary, Poland, and Russia, also experienced hyperinflation, although not quite on the German scale. The second Hungarian hyperinflation of 1945–46, however, dwarfed even Germany’s, with a compound rate of 19,800 percent per month. In more recent memory, there
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.001 1900 1910 1920 1930 1940 1950 1960 Start of year 1970 1980 1990 2000 As Figure 7-1 shows, by the middle of the German hyperinflation of 1922–23, that country’s currency debasement had taken the German mark off the vertical scale of the graph. Other currencies took longer to
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, the figure was 46 percent. The First World War had a major dampening effect on international investment. Capital controls proliferated, and then in the 1920s, German hyperinflation and the Wall Street Crash crushed confidence. Foreign investment collapsed after 1929, and capital controls and protectionism characterized the period until the Second World War
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having been afflicted by inflation, the countries identified above as having the lowest real bill and bond returns had worse experiences. In addition to the German hyperinflation of 1922–23, France, Italy, Japan, and to a lesser extent Belgium, all experienced very high inflation around the end of the Second World War
Seven Crashes: The Economic Crises That Shaped Globalization
by Harold James · 15 Jan 2023 · 469pp · 137,880 words
lead weight of the billions around the necks of the defeated powers. After the lost war, he misunderstood completely the character of the gathering German inflation and hyperinflation, engaged in savage polemics against the leading politicians of the early Weimar Republic, and contributed a stabilization plan that aimed at ending inflation. He
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War is a turning point in the story of modern globalization. It also produced the most devastating demonstration of the destructive effects of inflation: the German hyperinflation. That experience remained, along with the Great Depression, as the great bogey of economic history and analysis. The memory of both continues to haunt policy
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a way of wriggling out of the reparations settlement imposed by the Treaty of Versailles. Chancellor Wilhelm Cuno privately confessed in July 1923, as the German hyperinflation reached its terminal extreme phase, that “naturally the wish had been to deal with reparations first and clean up the tax problem afterward.”54 Even
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, predictably, from Helfferich’s vicious rhetoric did not end his career—on the contrary, he played a central role in the last phases of the German hyperinflation that took off after the Rathenau assassination, with a stabilization plan that envisaged a new currency based on a mortgage on rye production. Temporary banknotes
23 Things They Don't Tell You About Capitalism
by Ha-Joon Chang · 1 Jan 2010 · 365pp · 88,125 words
prices rising by another 10 billion times (yes, billion, not thousand or even million) until November 1923, when Rentenmark, the new currency, was introduced. The German hyperinflation has left big and long-lasting marks on the evolution of German, and world, history. Some claim, with justification, that the experience of hyperinflation laid
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liberal institutions of the Weimar Republic. Those who take this view are then implicitly saying that the 1920s German hyperinflation was one of the main causes of the Second World War. The German trauma from the hyperinflation was such that the Bundesbank, the West German central bank after the Second World War, was famous
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forced it to join other central banks around the world in an unprecedented relaxation of monetary policy. Thus, when talking about the consequences of the German hyperinflation, we are talking about a shockwave lasting nearly a century after the event and affecting not just German, but other European, and world, histories. How
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the height of the Hungarian inflation in 1946, prices doubled every fifteen hours, while prices doubled every four days in the worst days of the German hyperinflation of 1923. Price signals should not be absolute guides, as I argue throughout this book, but it is impossible to have a decent economy when
War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt
by Kwasi Kwarteng · 12 May 2014 · 632pp · 159,454 words
for much of the twentieth century. Ford’s successes in the 1920s were built on the back of an unsustainable consumer credit bubble. GETTY IMAGES German hyperinflation, stoked by paper money, shocked the world during the early 1920s. It has shaped the German preoccupation with a strong currency. © BETTMANN/CORBIS The Wall
The Deluge: The Great War, America and the Remaking of the Global Order, 1916-1931
by Adam Tooze · 13 Nov 2014 · 1,057pp · 239,915 words
inflation American: inflation tax 216; inflation–deflation succession (1919–1920) 342–7 British 356–8 and the British Empire 374 French 355–6, 469 German 355, 371, 454; hyperinflation 443, 444–5, 454, 464 global 212–15, 355–8; and wholesale price dislocation 213–14 interwar hyperinflations 37, 212, 362; Germany 443
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Brest-Litovsk Treaty see also specific treaties peasantry 408, 415–16, 420–22, 483 Chinese 421, 479, 480, 481, 483 First International Peasant Conference 421 German hyperinflation 443 Peng Pai 479 Penrose, Boise 372 Pentland, John Sinclair, 1st Baron 182 Pershing, John J. 202, 206 independent American Army see United States of
The Ascent of Money: A Financial History of the World
by Niall Ferguson · 13 Nov 2007 · 471pp · 124,585 words
post-war recession, caused an even bigger surge in imports, thus negating the economic pressure they had hoped to exert. At the heart of the German hyperinflation was a miscalculation. When the French cottoned on to the insincerity of official German pledges to fulfil their reparations commitments, they drew the conclusion that
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their money; and this becomes worse and worse. Together they are all at its mercy and all feel equally worthless.’60 The price of hyperinflation: a German billion mark note from November 1923 Worthlessness was the hyperinflation’s principal product. Not only was money rendered worthless; so too were all the forms
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: weakened banks and chronically high interest rates, which now incorporated a substantial inflation risk premium. But it was the social and political consequences of the German hyperinflation that were the most grievous. The English economist John Maynard Keynes had theorized in 1923 that the ‘euthanasia of the rentier’ through inflation was preferable
Money Mischief: Episodes in Monetary History
by Milton Friedman · 1 Jan 1992 · 275pp · 82,640 words
power. They retained their value precisely because no new czarist rubles could be created, and hence the quantity available to circulate was fixed. During the German hyperinflation after World War I, currencies of foreign countries served as a substitute currency. After World War II, the Allied occupational authorities exercised sufficiently rigid control
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of gold in the nineteenth century illustrate. The modern forms of money—paper and bookkeeping entries—are subject to no such physical limits. During the German hyperinflation after World War I, hand-to-hand money increased at the average rate of more than 300 percent a month for more than a year
The Alchemists: Three Central Bankers and a World on Fire
by Neil Irwin · 4 Apr 2013 · 597pp · 172,130 words
I lost any feeling of relationship to the money I was handling so much of. It had no reality at all, it was just paper.” German hyperinflation wiped out the savings of an entire generation of what had been an increasingly prosperous merchant class. A waiter interviewed by Ernest Hemingway said that
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the old one had been before the war. That very evening, Havenstein collapsed in a meeting, of a heart attack. In a single day, both German hyperinflation and its creator had died. • • • Wall Street, the writer H. L. Mencken famously said, is a thoroughfare that begins in a graveyard and ends in
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helpless to stop it, limited by their rigid adherence to the gold standard and an inability—or unwillingness—to cooperate with one another. But both German hyperinflation and the Great Depression also teach a more basic lesson: When central bankers fail, so do societies. FIVE The Anguish of Arthur Burns All the
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a year. Consumer prices rose 13 percent the year Volcker took over. One Fed governor, Henry Wallich, had been a boy in Germany during the German hyperinflation of the early 1920s. “I used to say that I never, never thought this could happen in the United States,” Wallich once said. “But now
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of money approach (2011), 350–53 European Commission, 75 European Economic Community, 74–75 European financial crises British pound devaluation (1992), 72–73 German hyperinflation (1914–1918), 47–53 German hyperinflation, pre–Nazi era, 50–53, 60 Panic of 1866 (England), 26–28, 31–34 Stockholms Banco rise and fall, 17–24 of 2007
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, 129 Iceland financial crisis, 284 Ichimada, Hisato, 86 Independent Community Bankers of America, 178–79, 196 Inflation European countries, varying rates of, 75 German hyperinflation (1914–1918), 47–53 German hyperinflation, pre–Nazi era, 11, 50–53 Great Britain (2010–2011), 245, 251–52, 334 Greece (2000s), 203–4 low, negative effects, 260, 270
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Woodford, Michael, 378–79, 386, 390 Woodstock, Vermont conference (1999), 84–85, 91–92 Woodward, Bob, 94 World War I financing by Germany, 48–50 German hyperinflation after, 50–53 German reparations after, 49–50 World War II economic unity, postwar, 74–75 and European economic crisis, 11 Nazi rise, reasons for
More: The 10,000-Year Rise of the World Economy
by Philip Coggan · 6 Feb 2020 · 524pp · 155,947 words
rather than the heartland economy; Wall Street rather than Main Street. Others feared that QE was a repeat of the money-printing policies that created German hyperinflation in the 1920s (although inflation has not yet resulted). In Europe, the European Central Bank was attacked from a different direction. It was berated for
Money: 5,000 Years of Debt and Power
by Michel Aglietta · 23 Oct 2018 · 665pp · 146,542 words
moment in which the official currency is rejected. We will go on to show how the collective rejection of the national currency climaxed in the German hyperinflation of 1923. We can thus outline a correspondence between the forms of confidence and the rules that constitute money as the system of coordinating market
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, let us now discuss some of the famous episodes of hyperinflation: Germany in 1922–23, China in 1947–48 and the Latin American hyperinflation of the 1980s. The German Hyperinflation of 1922–23 After World War One, metal convertibility disappeared more or less quickly in the belligerent countries, depending on the degree
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of its own territory, these payments would destroy Wilhelmine society, excite civil war and unleash hyperinflation.18 As we indicated in our theoretical discussion above, German hyperinflation developed through two phases. The first phase ran from 1920 to the summer of 1922. This period can be broken down into sub-periods, each
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the Peace (1919). The financial burden imposed on Germany could only destabilise its economy and unleash nationalist passions, the first episode of which was the German hyperinflation crisis studied in Chapter 5. World War One thus completely transformed the global economy. The British and French leadership, however, did not want to hear
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German reparations.6 This question illustrated the failure of the US’s limp policy and, moreover, implicated it in the global catastrophe. When we studied German hyperinflation we saw how it ultimately ended. The success of the rentenmark in November 1923, combined with the reorganisation of Germany’s foreign debt through the
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, Columbus, OH: Ohio State University Press, 2005. 17 John Maynard Keynes, The Economic Consequences of the Peace, New York: Harcourt, Brace and Howe, 1920. 18 German hyperinflation has been the object of countless analyses. For a synthesis using the conception of money adopted in the present volume, see André Orléan, ‘Crise de
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, 348, 388, 389, 390 General Agreements to Borrow (GAB), 325 general equilibrium theory, 42n24 general will, 126, 128, 129, 130 Genoa conference of 1922, 307 German hyperinflation, 188, 223–9, 306, 308 German inflation, seven phases of, 228t German ordoliberalism. See ordoliberalism Glassner, Jean-Jacques, 88 global inflationary growth, as driven by
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, 394 monetary crises. See also financial crises as crises of confidence? 185–8 definition, 221 in dualist systems, 195–200 of first century BC, 102 German hyperinflation. See German hyperinflation in history, 7–8, 49, 191–243 history as traversed by, 185 importance of, 83 under influence of chrematism, 96 in metal-based systems
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