Statilius the Epicurean
Thersites
Junior Chimp
Posts: 5,614
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« on: September 02, 2020, 02:58:20 AM » |
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« edited: September 02, 2020, 03:11:20 AM by Statilius the Epicurean »
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Without an external economic shock the Weimar Republic could have continued in perpetuity (although of course the problem is that panics and financial crises are endemic to the world economy). But the foundational flaw which made a great depression so dangerous to Weimar was the inability of German politicians of almost all stripes to accept Germany's defeat in WWI and the Versailles treaty. This took two forms: the German government preferring to suicide the country's economy by inviting French occupation and hyperinflation rather than keep up reparations, leading to an economic settlement based on foreign loans and dangerously exposing the German economy to the withdrawal of foreign capital, and leaving an excessive fear of inflation among German policymakers resulting in the inflicting of massive austerity in economic crisis; and the German right wing's refusal to accept the legitimacy of a republic that had been birthed in Germany's defeat in the war, and happily using undemocratic and extra-parliamentary tools to get round political gridlock whenever they could because that's how it worked under the Kaiser.
Basically, German elites refused to accept the legitimacy of the postwar settlement and worked to undermine it in any way they could. And they were actually quite successful. But it came at the cost of destroying the health of the German economy and exposed the lack of legitimacy with broad swathes of the political spectrum which the Weimar Republic depended on.
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