Austrian Reconstruction and the Collapse of Global Finance, 1921–1931

Nathan Marcus

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English

Harvard University Press
30 April 2018

Financial crises & disasters; Finance; Financial services industry

In 1921 Austria became the first interwar European country to experience hyperinflation. The League of Nations, among other actors, stepped in to help reconstruct the economy, but a decade later Austria's largest bank, Credit-Anstalt, collapsed. Historians have correlated these events with the banking and currency crisis that destabilized interwar Europe-a narrative that relies on the claim that Austria and the global monetary system were the victims of financial interlopers. In this corrective history, Nathan Marcus deemphasizes the destructive role of external players in Austria's reconstruction and points to the greater impact of domestic malfeasance and predatory speculation on the nation's financial and political decline.

Consulting sources ranging from diplomatic dossiers to bank statements and financial analyses, Marcus shows how the League of Nations' efforts to curb Austrian hyperinflation in 1922 were politically constrained. The League left Austria in 1926 but foreign interests intervened in 1931 to contain the fallout from the Credit-Anstalt collapse. Not until later, when problems in the German and British economies became acute, did Austrians and speculators exploit the country's currency and compromise its value. Although some statesmen and historians have pinned Austria's-and the world's-economic implosion on financial colonialism, Marcus's research offers a more accurate appraisal of early multilateral financial supervision and intervention.

Illuminating new facets of the interwar political economy, Austrian Reconstruction and the Collapse of Global Finance reckons with the true consequences of international involvement in the Austrian economy during a key decade of renewal and crisis.

By: Nathan Marcus
Imprint: Harvard University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm, Spine: 45mm
Weight: 952g
ISBN: 9780674088924
ISBN 10: 0674088921
Pages: 560
Publication Date: 30 April 2018
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Nathan Marcus is Senior Lecturer at Ben-Gurion University of the Negev.