The Wages of Destruction The Making and Breaking of the Nazi Economy (an excerpt)

Tooze, Adam

doi:10.17323/1726-3247-2018-2-50-85

Cited by 9 publications

(15 citation statements)

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“…143 Had the Third Reich been fully in control of reform efforts in 1934, there could have well been a nationalization of the entire banking system. 144 Instead, for one official, the political shifts provided the Reichsbank with an opportunity to justify its control over domestic credit: "In the National Socialist state, . .…”

Section: Interventions and Reformmentioning

confidence: 99%

A State of Supervision: The Political Economy of Banking Regulation in Germany, 1900s–1930s

Yee

2023

Bus. Hist. Rev.

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This article examines debates over banking regulation in Germany that culminated in the 1934 Reich Banking Law. Existing accounts have traced its origins to the 1931 banking crisis or the 1933 Nazi seizure of power. Yet, rather than the outcome of a single financial or political crisis, banking regulation was the product of longer-term discussions on national security, legal rationale, and financial globalization. Prior to World War I, officials expressed concerns over Germany's dependence on foreign capital, while later efforts to improve liquidity in the banking sector continued in the 1920s. The construction of a regulatory policy thus arose from a series of investigations into how to protect the German economy from foreign crises, thereby reflecting the interdependence of politics and finance.

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Section: Interventions and Reformmentioning

confidence: 99%

A State of Supervision: The Political Economy of Banking Regulation in Germany, 1900s–1930s

Yee

2023

Bus. Hist. Rev.

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“…Consequently, the Indian rupee depreciated relative to the Reichsmark, making German exports less profitable. The German government, in desperate need of foreign currency exchange, expanded its export subsidies and increased state control of imports and exports (Tooze, , pp. 71–86).…”

Section: German Mnes In Interwar Indiamentioning

confidence: 99%

Geopolitical jockeying: Economic nationalism and multinational strategy in historical perspective

Lubinski

Wadhwani

2019

Strategic Management Journal

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Research Summary We explore multinational strategy formation in the context of rising economic nationalism. Specifically, we examine how firms develop strategies to capitalize on the historical and aspirational attributes of national identity. Analyzing the histories of two German multinationals in late colonial India, we find that these firms engaged in “geopolitical jockeying” to delegitimize rival multinationals and position themselves as complementary to the economic and political goals of the host nation. Toward that end they employed “aspirational political practices,” addressing the inherently future‐oriented character of nationalism, and invested in the development of political capabilities to gather information and shape perceptions of national contexts. The paper contributes to a more robust conceptualization of nations and nationalism and their role in the formation of international competition and strategy. Managerial Summary Rising economic nationalism can create political and economic opportunities as well as threats for multinational firms. Through a historical analysis of the emerging strategy of two German companies—Siemens and Bayer—in late colonial India, we show how firms can engage in “geopolitical jockeying” to delegitimize rival multinationals and position themselves as complementary to the economic and political goals of host nations. To do so the companies engaged in “aspirational political practices,” addressing the inherently future or goal‐oriented aspects of nations, and created political capabilities designed to both gather intelligence on and shape the nationalist movements. The paper uses history as a mirror for reflecting on the causes and consequences of economic nationalism for international strategy in our own time.

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“…The historian Adam Tooze (2007) has rewritten the economic history of the Second World War, to emphasize that German strategy, including the genocide, was substantially driven by a lust for land; without lebensraum and the agricultural terrain it would bring into German hands the Nazi leadership believed that Germany would be permanently reduced to the status of a second-rate power. For Germany, therefore, the hedge behavior compatible with sustained peace was never an option.…”

Section: Minsky and Modern Historymentioning

confidence: 99%

The Generalized ‘Minsky Moment’

Galbraith¹,

Sastre²

2010

The Elgar Companion to Hyman Minsky

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Abstract:The cornerstone of Hyman Minsky's work is the concept of systemic instability. His work showed how systemic dynamics inherent to capitalism bread systemic fragility and crisis, as stability spurs risky behavior. Like Minsky himself succinctly articulated, "stability is destabilizing" (Minsky 1985). Moreover, this key notion is not only based on a clear and detailed analysis of modern financial capitalism, but is also essentially rooted on human psychology and behavior. As such, it is astonishing how little has been done to expand Minsky's basic conceptual framework to other fields of study of social science. This paper represents an effort to fill this vacuum, as it attempts to expand Minsky's theory of financial fragility to the realm of international relations. The objective of this project is to analyze the cycles of international relations in the light of a modified version of Minsky's famous analysis of hedge, speculative and Ponzi finance.

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The Wages of Destruction The Making and Breaking of the Nazi Economy (an excerpt)

Cited by 9 publications

References 0 publications

A State of Supervision: The Political Economy of Banking Regulation in Germany, 1900s–1930s

A State of Supervision: The Political Economy of Banking Regulation in Germany, 1900s–1930s

Geopolitical jockeying: Economic nationalism and multinational strategy in historical perspective

The Generalized ‘Minsky Moment’

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