How Long to Read Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923

How Long Does it Take to Read Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923?

It takes the average reader 6 hours and 30 minutes to read Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 by Frank Graham

Assuming a reading speed of 250 words per minute. Learn more

Description

his large-scale study of the German hyper-inflation is definitive in the English language. Written by a professor at Princeton University, and published in 1930, Frank Graham's treatment was so accurate and incisive that Ludwig von Mises himself recommended it time and again.The book begins with clarity about cause and effect."Germany, in common with other warring countries, departed from the gold standard at the outbreak of hostilities in 1914. On November 20, 1923, the German paper mark, after having fallen to an infinitesimal fraction of its former value, was made redeemable in the newly introduced rentenmark at a trillion to one."Further: "In 1913 the mark was solidly based on gold; in 1923 its value was, as one writer has said, something more ridiculous than zero."An economic historian who understands the relationship between fiat money and inflation is prepared to write a great history, and Graham does that here.The economics of this book are rock solid. He places strong emphasis on the strange behavior of business enterprises under hyperinflation. One might expect that business leaders would decry that inflationary path. The opposite is true."Many of the leaders of business were convinced that inflation was necessary to the rehabilitation of the German industrial organization; that only through a falling exchange value of the mark could essential foreign markets be regained; that the business profits which it promised, and indeed produced, were a prerequisite to the restoration of a sound peacetime economy."The narrative history here is deeply scientific, covering the economic history blow by blow. He covers the wartime background, the political factors that led to the inflationary choice, the regulation of business under inflation, price controls and their enforcement, the measurement of inflation, the effects on production, the devastation of national income, the gutting of genuine entrepreneurship, the losses on foreign trade, the surprising winners from the wholesale looting, among many other considerations.He comes to terms with a very strange paradox: business was booming during the inflation as never before. Bankruptcies were actually falling and new businesses were forming everywhere. And yet, looked at as a whole, the entire economic structure was being wiped out.Professor Graham discusses the details of this strange paradox and shows how inflation creates such an upsidedown world that the distinction between reality and illusion gets lost. Trading, speculation, working, and economic activity in general might be up, but productivity, income, and economic well being was being destroyed in the process. The activity was entirely diverted from production and wealth creation to consumption and speculation. He provides a very close examination of the turning point of the crisis, when the seeming economic activity turned from hyper-boom to calamity. In particularly, he focuses on the point at which workers began to realize that their wages were not going up but dramatically down in real terms, and began to dump the currency, demanding payment in foreign currencies or goods. The inability of entrepreneurs to function came suddenly.He further assesses the motivation for inflation as it stemmed from the astonishing burden that the Allied powers placed on Germany in the form for reparations for World War I. In this sense, he says, and only in this sense, can the inflation be seen to have benefited the country. It permitted them to get out from under their reparations debt. But the political implications were yet to be revealed by the time this book went to print in 1930.Professor Graham ends on an ominous note that the main mystery yet to be decided concerns what the politics of the situation has in store. He calls this aspect "an inscrutable mystery." The mystery to be revealed in time was of course the rise of Hitler.

How long is Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923?

Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 by Frank Graham is 384 pages long, and a total of 97,536 words.

This makes it 130% the length of the average book. It also has 119% more words than the average book.

How Long Does it Take to Read Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 Aloud?

The average oral reading speed is 183 words per minute. This means it takes 8 hours and 52 minutes to read Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 aloud.

What Reading Level is Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923?

Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 is suitable for students ages 12 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

Where Can I Buy Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923?

Exchange, Prices, and Production in Hyper-Inflation: Germany 1920-1923 by Frank Graham is sold by several retailers and bookshops. However, Read Time works with Amazon to provide an easier way to purchase books.

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