1931: Debt, Crisis, and the Rise of Hitler

by Tobias Straumann Narrated by Nigel Patterson

Overview

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.

Editorial Reviews

From the Publisher

"The value of Swiss historian Tobias Straumann's book is that it focuses our attention squarely on the drama of that year, the moment when the fragile political and financial order restored after the first world war came apart ... a fast-paced and elegantly constructive narrative... If John Kenneth Galbraith forever etched the 1929 crash into historical consciousness, with his classic 1955 account, Straumann has given us the narrative of 1931 that every decision maker in Europe should read." — Adam Tooze, Financial Times

"Tobias Straumann's book is a welcome addition ... Straumann ably shows the progress of the German crisis and how it was intertwined with the vexed issues or reparation ... Straumann relates [...] complex events with remarkable clarity, largely eschewing jargon and displaying considerable panache. Rarely has the dismal science been less dismally presented. Happily, for those wishing to write about Nazism's rise, there is now an accessible, non-specialist volume to explain the economic aspect." — Roger Moorhouse, BBC History Magazine

"In this excellent book, Straumann narrates the German story of 1931 with clarity and authority." — Max Harris, LSE Blogs

"A superbly researched and highly readable account of financial panic and democratic collapse in Weimar Germany." — Srinath Raghavan, Open the Book, Best Books of 2019

"Tobias Straumann's 1931, is, like George Orwell's 1984, dour and disturbing; ironic and important." — David Marx: Book Reviews

"A stunning, fast-paced and deeply researched narrative that accurately delineates the links between financial panic and political collapse in the most iconic case of all: the destruction of democracy in Weimar Germany." — Harold James, Claude and Lore Kelly Professor in European Studies, Princeton University

"In this engaging book, Straumann, a leading Swiss economic historian, exam-ines a critical factor in Adolf Hitler's rise to power." — Foreign Affairs

Product Details

BN ID:	2940171360108
Publisher:	HighBridge Company
Publication date:	06/01/2019
Edition description:	Unabridged

Videos