Exchange, Prices, and Production in Hyper-inflation PDF Download
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Author: Frank Dunstone Graham
Publisher: Ludwig von Mises Institute
ISBN: 1610164512
Category : Currency question
Languages : en
Pages : 382
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Book Description
Author: Frank Dunstone Graham
Publisher: Ludwig von Mises Institute
ISBN: 1610164512
Category : Currency question
Languages : en
Pages : 382
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Book Description
Author: Frank D. Graham
Publisher:
ISBN: 9781610161824
Category :
Languages : en
Pages : 362
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Book Description
Author: Frank Graham
Publisher:
ISBN: 9781533287618
Category :
Languages : en
Pages : 384
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Book Description
his large-scale study of the German hyper-inflation is definitive in the English language. Written by a professor at Princeton University, and published in 1930, Frank Graham's treatment was so accurate and incisive that Ludwig von Mises himself recommended it time and again.The book begins with clarity about cause and effect."Germany, in common with other warring countries, departed from the gold standard at the outbreak of hostilities in 1914. On November 20, 1923, the German paper mark, after having fallen to an infinitesimal fraction of its former value, was made redeemable in the newly introduced rentenmark at a trillion to one."Further: "In 1913 the mark was solidly based on gold; in 1923 its value was, as one writer has said, something more ridiculous than zero."An economic historian who understands the relationship between fiat money and inflation is prepared to write a great history, and Graham does that here.The economics of this book are rock solid. He places strong emphasis on the strange behavior of business enterprises under hyperinflation. One might expect that business leaders would decry that inflationary path. The opposite is true."Many of the leaders of business were convinced that inflation was necessary to the rehabilitation of the German industrial organization; that only through a falling exchange value of the mark could essential foreign markets be regained; that the business profits which it promised, and indeed produced, were a prerequisite to the restoration of a sound peacetime economy."The narrative history here is deeply scientific, covering the economic history blow by blow. He covers the wartime background, the political factors that led to the inflationary choice, the regulation of business under inflation, price controls and their enforcement, the measurement of inflation, the effects on production, the devastation of national income, the gutting of genuine entrepreneurship, the losses on foreign trade, the surprising winners from the wholesale looting, among many other considerations.He comes to terms with a very strange paradox: business was booming during the inflation as never before. Bankruptcies were actually falling and new businesses were forming everywhere. And yet, looked at as a whole, the entire economic structure was being wiped out.Professor Graham discusses the details of this strange paradox and shows how inflation creates such an upsidedown world that the distinction between reality and illusion gets lost. Trading, speculation, working, and economic activity in general might be up, but productivity, income, and economic well being was being destroyed in the process. The activity was entirely diverted from production and wealth creation to consumption and speculation. He provides a very close examination of the turning point of the crisis, when the seeming economic activity turned from hyper-boom to calamity. In particularly, he focuses on the point at which workers began to realize that their wages were not going up but dramatically down in real terms, and began to dump the currency, demanding payment in foreign currencies or goods. The inability of entrepreneurs to function came suddenly.He further assesses the motivation for inflation as it stemmed from the astonishing burden that the Allied powers placed on Germany in the form for reparations for World War I. In this sense, he says, and only in this sense, can the inflation be seen to have benefited the country. It permitted them to get out from under their reparations debt. But the political implications were yet to be revealed by the time this book went to print in 1930.Professor Graham ends on an ominous note that the main mystery yet to be decided concerns what the politics of the situation has in store. He calls this aspect "an inscrutable mystery." The mystery to be revealed in time was of course the rise of Hitler.
Author: Frank Dunstone Graham
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Frank D. Graham
Publisher:
ISBN:
Category :
Languages : en
Pages : 362
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Book Description
Author: Frank D. Graham
Publisher:
ISBN: 9781258859039
Category :
Languages : en
Pages : 382
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Book Description
This is a new release of the original 1930 edition.
Author: Carl-Ludwig Holtfrerich
Publisher: Walter de Gruyter
ISBN: 3110860074
Category : History
Languages : en
Pages : 384
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Book Description
Author: Frederick Taylor
Publisher: Bloomsbury Publishing USA
ISBN: 1620402378
Category : History
Languages : en
Pages : 433
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Book Description
"Excellent . . . Mr. Taylor tells the history of the Weimar inflation as the life-and-death struggle of the first German democracy . . . This is a dramatic story, well told." --The Wall Street Journal
Author: Wolfgang Chr Fischer
Publisher: BoD – Books on Demand
ISBN: 3899369319
Category : Business & Economics
Languages : en
Pages : 222
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Book Description
"The aim of this research monograph is to explore the establishment of a new economic order in the infant German Republic or often called Weimar Republic (Deutsches Reich) after World War I and its social and economic turbulance."--P. 1.
Author: Andrés Solimano
Publisher: Cambridge University Press
ISBN: 1108485049
Category : Business & Economics
Languages : en
Pages : 241
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Book Description
Examines the array of financial crises, slumps, depressions and recessions that happened around the globe during the twentieth century.
