“This is the most comprehensive and authoritative account of the great German inflation from 1914 to 1923.” —Henry Hazlitt
As an Austrian study of hyperinflation, this study has never been surpassed. The same is true of the detailed examination of the rise of hyperinflation in German in the interwar period: there is not anything more authoritative.
It is a huge study, 466 pages, with a fantastic amount of data and statistical analytics. But the narrative too is very exciting and infused with a thoroughly Austrian understanding of the impact of dramatic monetary expansion. It affects not only prices but also capital structures, political events, and the structure of society itself. Hitler did not emerge in a vacuum. Bresciani-Turroni covers the essential prehistory of a world-wide calamity. This volume is thorough, authoritative, and riveting in every respect — the achievement of a lifetime to last the ages.
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Originally published in 1931 in Italian. First English edition 1937, with the second impression 1953 and the third in 1968. Auburn, Ala: Mises Institute, 2007.