Nazi Germany's preparation for war: evidence from revised industrial investment series

To date we lack reliable data on the degree of industrial investment in the Third Reich. Additionally, our comprehensive knowledge of the quantitative significance of the war-related industrial branches is extremely fragmented. Precise figures are, however, crucial if we are to arrive at a correct depiction of the political economy of the Third Reich. Based on previously neglected sources, it will be shown that, beginning in 1936/7, Germany experienced a spectacular investment boom, primarily targeted at broadening the industrial foundation for war. The findings of this article are relevant to several historiographical debates, calling into question both the older <italic>Blitzkrieg</italic> account and the conventional view of the armaments miracle.