1931: Debt, Crisis, and the Rise of Hitler

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1931: Debt, Crisis, and the Rise of Hitler

Germany's financial collapse in the summer of 1931 was one of the biggest economic catastrophes of modern history. It led to a global panic, brought down the international monetary system, and turned a worldwide recession into a prolonged depression. The German crisis also contributed decisively to the rise of Hitler. Soon after the crisis, the Nazi Party became the largest party of the country which paved the way for Hitler's eventual seizure of power in 1933.

The reason for the financial collapse was Germany's large pile of foreign debt denominated in gold currency which condemned the government to cut spending, raise taxes, and lower wages in the middle of a worldwide recession. As the political resistance to this austerity policy grew, the German government began to question its debt obligations, prompting foreign investors to panic and sell their German assets. The resulting currency crisis led to the failure of the already weakened banking system and a partial sovereign default.

Hitler managed to profit from the crisis, because he had been the most vocal critic of the reparation regime. As the financial system collapsed, his relentless attacks against foreign creditors and the alleged complicity of the German government resonated more than ever with the electorate. Sadly enough, Germany's creditors hesitated too long to take the wind out of Hitler's sails by offering debt relief.

In 1931,Tobias Straumann reveals the story of the fatal crisis, demonstrating how a debt trap contributed to the rapid financial and political collapse of a European country, and to the rise of the Nazi Party.
Country USA
Brand OXFORD UNIVERSITY PRESS
Manufacturer Oxford University Press
Binding Hardcover
ItemPartNumber 53922227
ReleaseDate 2019-06-01
UnitCount 1
EANs 9780198816188

Country	USA
Brand	OXFORD UNIVERSITY PRESS
Manufacturer	Oxford University Press
Binding	Hardcover
ItemPartNumber	53922227
ReleaseDate	2019-06-01
UnitCount	1
EANs	9780198816188

1931: Debt, Crisis, and the Rise of Hitler

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