Conclusions

In most studies, the collapse of the Weimar Republic is traced to dramatic economic events. According to some, it was due to the weakening of the middle class caused by the hyperinflation of 1923. According to others, the collapse of the Weimar Republic should be traced to the crisis of 1931 and the extremely harsh fiscal austerity measures adopted by the Brüning government. In this book, the authors show how the hyperinflation of 1923 and the crisis of 1931 were the outcome of economic policy choices that had enabled the Weimar Republic to contain the lacerating internal social conflict and hence survive. However, over time, these economic policy choices could only degenerate into devastating crises such as the hyperinflation and the crisis of 1931.