The Authoritarianism of Auburn Monetary Policy

By the end of May [1934], the choices facing Germany had become starkly obvious. In a remarkably frank article, the wirtschaftsdienst demanded that if the Reich government had decided definitively not to devalue [the currency], it should draw the necessary conclusions, In the journal’s view, the choice against devaluation marked a fundamental divide between the liberal economic policies of countries such as Britain and a newly emerging system of National Socialist economic management. If devaluation was ruled out, then there was no alternative but to begin as soon as possible with the establishment of a new and powerful system of economic controls.

A. Tooze, The Wages of Destruction (New York: Viking, 2006), p. 83.

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