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1931

Audiobook
Nonfiction: History
Unabridged   9 hour(s)
Publication date: 06/01/2019

F O R T H C O M I N G ! Available June

1931

Debt, Crisis, and the Rise of Hitler

Available from major retailers
Audio CD ISBN:9781684570249
Digital Download ISBN:9781684570256

Summary

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. 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.

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Product Description

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 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.

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.

Author Bio

Tobias Straumann is an Associate Professor of Economic History at the University of Zurich. He has widely published in the area of twentieth-century European financial and monetary history, and is the author of Fixed Ideas of Money, and coauthor of The Value of Risk.