Book Reviews 11.5

Semitism become the twin brother of his hatred of Bolshevism. However, one should not forget, as this documentation amply shows, that Hitler kept constantly shifting his priorities from one extreme to the other, according to the tactical requirements of his political struggle. Thus, during 1923 for instance, Hitler’s speeches would appear to be more ‘anti-Bolshevik’ than ‘anti-Semite’.

Finally, do the new documents provide any substantial corrections with regard to the elaborate chronology of Hitler’s views on foreign policy and the strategy he was to pursue after seizing power? When did Hitler’s emphasis shift from an anti-Western concept to an advocacy of an alliance with Britain against Soviet Russia ? It was again Rudolf Binion in his 1975 Heidelberg Lecture who pointed out the importance of Hitler’s revelation of late December 1922 to Eduard Scharrer, a confidant of Reich Chancellor Cuno. In this interview Hitler advocated that Germany should pursue a continental strategy aimed against Russia while avoiding damage to British interests, in order to secure enough land in the East for German settlers. The JBckel/Kuhn collection, which of course includes the Hitler-Scharrer interview, does not throw any new light on this issue. The reason why Hitler retained his anti-imperialist vocabulary, until 1924 at least, should be sought in his tactical and opportunistic calculations. Nevertheless, it may come as a surprise to the reader that not a single document published here contains Hitler’s keyword: Lebensraum.

What remains to be said about the Jlckel/Kuhn book is no more and no less than envious praise. It is certainly one of the most scrupulously executed documentary editions on Hitler ever published, and certainly the best one on his early years. There is hardly an error in this meticulously edited and printed work. Three detailed indices are attached: for persons, places and themes. Despite its very high price, one would hope and pray that even in these difficult days of financial constraints university libraries at least will make funds available to purchase this indispensable book.

Universi~ of Wisconsin-Madison Milan Hauner

NOTES

1. E. Jackel, Hiders Weltanschauung. Entwurf einer Herrschaft (Tiibingen, 1969). Also available since 1972 in English.

2. A. Kuhn, Hitlers aussenpolitisches Programm. Entstehung und Entwicklung 1919- 1939 (Stuttgart, 1970).

3. N. H. Baynes, The Speeches of Adolf Hitler, April 1922-August 1939, 2 ~01s. (Oxford, 1942).

4. Number 29, 2nd issue (April 1981), p. 304.

Die deutsche Inflation 1914-1923: Ursachen und Folgen in internationaler Perspektive, Carl-Ludwig Holtfrerich, (Berlin: Walter De Gruyter, 1980).

The book under review is the first major economic history written by a German historian on an episode which continues to haunt German history. In its scale and statistical thoroughness it is likely to become quickly established as a new standard textbook on the subject.

I16 Book Reviews

Holtfrerich divides his subject matter into three sections. The first outlines some of the statistical indices of inflation, including the dollar rate of exchange and the wholesale price index, while he has a lengthy, if somewhat inconclusive, discussion on the construction of an appropriate cost-of-living index.

The second section looks at the causes of inflation, with Holtfrerich leaning towards monetarist explanations. He has a distinctive emphasis in his stress on the importance of the massive loans Germany undertook to finance its war expenditure. IIoltfrerich contrasts this method of war financing with that of the British government, which raised a much greater proportion of its war expenditure by taxation. He maintains that this left the German government with very heavy debts at the end of the war. These were a influential factor in determining a policy of inflation in 1919, for this offered an apparently painless way of reducing these debts as compared with currency stabilis- ation and direct taxation. When this policy was combined with the burden of repa- ration payments - here Holtfrerich emphasises the very uncertainty of the amounts involved - a budget deficit met by resort to the printing press was the most attractive option. It also enabled the Germany economy to maintain a high level of aggregate demand from 1920-2, which contributed to the swift recovery of the world economy from its post-war slump.

The decline of industrial and agricultural production, both during and immediately after the war, is discussed, but in my view is inadequately related to the financial developments. Similarly, while political and social factors are considered in various parts of the analysis, e.g. the fear of a wealth tax as an argument for the pursuit of an inflationary option by powerful industrial and financial interests; the effect of the eight-hour day and industrial unrest in 1919 on production; increased social expendi- ture by the government as part of its concessionary programme to the working class, they are not integrated into the analysis in a systematic fashion. While Holtfrerich takes the analysis of inflation beyond merely economic factors, the interplay of social and political conflicts with the economic problems of the post-war republic must be further explored.

The third section of the book deals with the effects of inflation on the economy, national income and its distribution. Here Holtfrerich’s estimate that the real wage position of workers improved from 1919 to mid-1922 and that large-property owners were the main losers of hyperinflation will be contested. Thus while the book provides a comprehensive survey of the topic some of its judgements will undoubtedly be the subject of further historical debate.

Jon Bloomfield University of East Anglia