Das Deutsche Reich feiert 2021 seinen 150. Geburtstag. Die Reichsgründung fiel in die zweite Phase der Industrialisierung, die in der zweiten Hälfte des 19. Jahrhunderts begann und sich zunehmend beschleunigte. Anlässlich des diesjährigen Jubiläums widmen sich die Autoren bedeutenden...

The article treats the history of Germany’s Great Inflation from 1914 to 1923. It focusses on explaining the turning points of wholesale price trends. It demonstrates that these were mostly triggered by national and international political decisions immediately impacting the mark exchange...

Germany’s hyperinflation resulted from a confluence of several factors, all of which contributed to a temporary breakdown in state capacity and to unsustainable public sector deficits. Wartime debt deflated by 90% already in 1920. Informal wage indexation and failure to enforce collection of a...

Vor 100 Jahren mündete die Große Inflation, die bereits 1914 mit dem Ersten Weltkrieg ihren Anfang nahm, in der Hyperinflation von 1923. Bis heute herrscht in der deutschen Bevölkerung und Politik eine Inflationsaversion. Anlässlich dieses Jubiläums und der zuletzt stark gestiegenen...

The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a de-pendent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable politi-cal atmosphere, paving the way for the rise of...

The Weimar hyperinflation is a textbook example of how inflation develops. All the factors usually associated with inflation were present during this period. However, besides the quantifiable factors, such as money supply development, the political factors appear dominant in retrospect. There...