1931 av Tobias (Associate Professor of Economic History University of Zurich) Straumann

229,-

Kjøp

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 crisis also contributed decisively to the rise of Hitler. Within little more than a year of its onset, the Nazis were Germany''s largest political party at both the regional and national level, paving the way for Hitler''s eventual seizure of power in January 1933.The origins of the collapse lay in Germany''s large pile of foreign debt denominated in gold-backed currencies, which condemned the German government to cut spending, raise taxes, and lower wages in the middle of a worldwide recession. As political resistance to this policy of austerity 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