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C;erman 1 923 - A La\v and Approach

Index

Bandwagon effect, 62, 63 Bank Act of 1844,115 A Baranger, Michel, 51, 54, 55 Adams, John, 102 Barnard, Daniel, 104 African States, 34 Barriadas of Lima, 95 Ageo/Enlightenment, 44, 122 bartering, 122 Alx-en-Provence, 132 basic 0/ citizens, 25 Alionlo Popular Revolvtionaria Americana {APRA}, Bastiat, Frederic, 112 96 beha vioural disorders, 43, 121 Allied Powers, 21, 29, 30 behavioural psychology, 63 Amazon Lowlands, 95 Befle-epoque, 40 Americoll Economic Association, 106 Benjamin, Walter, 132 American Institutionalis t School, 49 Benvenisti, e, 33 American Revolution, 48 Berger, Sebastien, 100 Andes, 94,95 Berlin, 3, 72, 73, 78 Andes H;ghlonds, 95 Berlin Bourse, 83 Anglo-Russian Elltente (1907), 18 Bemholz, Peter, 104 Aquinas, Thomas, 45 Bieber, Horst, 95, 96 Archbishop a/Canterbury, 35 Bismarck, Otto von, 20, 72, 79 Archduke FroM Ferdinand, 15 black , 96, 122 Architecture and DeSign a/Europe, 20 Blanchard, Olivier, 119 Arendt, Hanno~ 132 Bolshevik government, 29 , 101 Bookrags, 30 armistice, 74 Bottigliero, I, 30 Article 109, German 0/ l1'h August 1919 Boyle, James, 109 [Reichsver/assungJ, 89 Braun, Grete, 131 Article 109, Section 1, German Constitution 0/11'" Bremer/lOven, 127 August 1919 [Reichsver/assungJ, 89 British Empire, 29 Article 153, German Constitution O/l1'h August 1919 Brownlie, 35 (Reichsver/assungJ, 88 Brownlie, I, 34 Article 2310/ the 0/ Versoil'/es 1919,30,33 Brussels, 131 arti/lcial intelligence, 52 Bryan, Michael F, 45, 48, 110 Associated Powers, 29 Bucharest, 92 Association far Social Policy, 48 , 111, 115, 117 Atohua/pa, 94 Atkeson, Andf'eli\l, 112 c Attwood, Thomas, 101 Aujwertungsgesetz vom 16, JuJi 1925, Annang, 84 Cantil/on, Richard, 111 Aujwertungsgesetz, Relchsgesetzblatt, Teil J, 1925, Capital Gains Tax, 6 88 Carroll, Charles Holt, 105 Au/wertungsgesetz, zweites Gesetz u.ber den Carthage, 30 va/ksentscheid, 90 Catherine the Great, 44, 122 Australian Labor Party, 2' Catholic Church, 45 Austrio-Hungory, 29 Caveat Emptor, 52 Austrian Sc/)aol 0/ economics, 103, 110, .123 Cavour, 20 Austrian theory o/the business cycle, 116 , 8, 12 Autobohnen,.119 Central Powers, 115, 21, 29 Chong, I, 36 Chaos and , 54 B , 55 Baden-Baden, 40, 127, 128, 129 chaotic system, 2, 51, 60, 66 Bainbridge, Lister, 53 Chinese Empire, 91 Baldeoux, Dieter, 92 Church of England, 35

195 German l--lyperinHation 1922/1923 - A b,',.\, and Economics Approach

Cipolla, Carlo, 116 Duffy, M, 15 City Council LiJdenscheid, 127 Classless Society, 46 th E Coin (Miinzgesetz) of the 30 of August 1924 (RGBI, /I p. 254), 68, 84 Early Weimar Republic, 125 Colander, David C, 45, 46 Ebert, Friedrich, 2, 8, 24, 74, 75, 77, 78, 120 Collins, Joseph, 93 Economic and Social Enquete, 8,0 Colonialism and Imperialism, 19 Economic Consequences of the (1919), 49 Communist Party of Peru, 95 economic we/I-being of Germons, 25 Compiegne/France, 5 Edward VII, 15 , 2, 51, 52, 54 Eighty Years War, 17 complexity, 51 Einstein, Albert, 124 , 54, 55, 62, 66, 120, 122,124 Eisenach, 48 camplexity SCience, 54 Ekklesio News Brief, 35 concentration camp, 12$, 131 Elbing, 127 Constitution of the German Empire from 28th of Ellis, J, 29 March 1849, 71, 72 Enabling Law of October 13,1923 (RGBlI943), 67 consumer affairs, 52 Engels, Friedrich, 46, 47, 48 Consumer behaviour, 53 English Historicists, 49 consumer sovereignty, 52 Entente, 30 conventional economics, 66 Entente Cordiole (1904), 18 conversion raM, 1, 83~ 122, 123 £ntscheidung des Reichsgerichts in Zivilsachen RGZ Copleston, Edward, 111 104,394,87 cost of the war, 5 EifurteT Program of the German Social Democratic cauncil movement, 79 Party (Sozialdemakratische Partei Deu.tschlands - Council af the Pea pie 's Represen tatives (Rot der SPD),3 Volksbeouftragten), 74, 75 Erzberger Tax Reform, 120 Council on Economic Affairs of the German Republic Erzberger, MatthiaS, 7, 8, 9, 10, 120 (Reichswirtscha/tsratj, 3 Erzberger's financial reform, 10 crowd behavior theory, 64 Euclidean line, 54 cuius religio eius reliqio, 17 Eum, 39 Cuno, Wilhelm (Chancel/or), 61 Eurape, 39 depreCiation, 81 European Community Countries, 39 Currency School, 1,04, 1.15 European Parliament, 98 Everett, Edward, 101 D Explanations of the computation method for the revaluation numbers in appendix 1 to the law, 83 Darwin, Charles, 19 Dos Kapital- Kritik der poMischen Okonomie (The F Capital) 1867, 47, 50 Dovies, Paul, 2, 51, 52 Fadiga, L, 4,0 Dawes Plan, 13, 30, 31, 33, 67 Ferguson, Niall, 21, 56, 60, 62, 66 Dawes, Charles, 31 Feuchtwanger, Lion, 132 de MillO's, 130 fiat , 50, 111 de Soto, Jesus Huerta, 116 Fiji's Promotion of Reconciliotion Tolerance and , 110 Unity Bill 20,05,121 Demburg,.9 Final Act of Vienno, 17 depreSSions, 112 Findley, C V, 29 demllqe economic calculation, 123 Fink, Werner, 128 Deutsche Mark (DM), 68 First ond Second Punic Wars, 3,0 Deutsches KOiserreich, 126 First World Papulation conference in 1974, 92 Deutsches Reich, 69; 71, 74 Fiscal Auth ority Act, 10 Dialectic of Spontaneity and Organisation, 76 Fischer, Robert, 3, 125 DoebJin, Alfred, 132 Fisher, Irving, 48, 109 doHor , 83 Fogassi, L, 4,0 Dostoyevsky, 4 Foster, William, 102, 113, 119 Draft of a low about the revaluation of mortgages Fourteen Point Peace Plan, 24 and other cloims (Reic/lstag /II. Wah/periode fractol,54 1924/25, Nr. 8,04), 82, 83 France, 29, 91 Dreadllaught, 20 Fronco-Prussion War (1870-1871), 21, 30, 12,0

1% German IIypcrinflation 1922/1923 - A Law and Ikonomics Approach

Franco-Russian Alliance (1894), 18 GofJIa, H P,. 94, 95 Frankenberg, G,37 gold core currency, 69 Fraser, David, 119 gold exchange standard, 109 Frederick The Great, 44, 122 gold reserve, 68 Free' Corps (Freikorps), 24, 75, 76 gold spede standard, 104 free market , 3, 47 gold standard currency, 68 Free Socialist Republic of Germany, 74 Goldmark, 83, 84 Freiheitsgesetz ('Liberty Law'), 32 Gono, Gideon (Dr), 98 French reparations in 1871, 6 Turnover Tax, 6 French Vichy government, 132 Gorbachev, Michael, 42 Frenkel, Jacob, 98 Government of Zimbabwe, 100 Freud, Sigmund, 64 , 3, 109, 110 Friedrich-Wililelm IV, 72 Greenspan, Alan, 54 full , 110 Gribel, Carl, 83 Fuller, Lon, 33 group dynamics phenomenon, 121 future , 116 Grundpflichten,. 25 Grundrech te, 25 G Grzybowski, 81 Grzybowski, Kozimierz, 81 Galbraith, john Kenneth, 49, 53, 102 Guernsey, 33 GolJese, V, 40 Gurs camp, 132, 133 GarCia, Alan (President), 1, 96 Garibaldi, 20 H Garrison, Roger, 116 General Theory of Employment, and Money, Hoose, H, 75 49, 69 Hanke, H.,. 91, 96, 98 George V, 15 Hasen, Walter, 132 German Army (Reichswehr), 76 Hazlitt, Henry, 11 0, 115 German Cen trol Rentenbank, 13 Hegel, Georg W F, 4 German Centry Party (Zentrum), 90 Heilmann, Ernst, 128, .129 German Communist Party (KPD), 62, 74 Hel!ferich, 5 German Constitution, 71, 75, 77, 78, 80, 88, 122 Hemes, l1 German Council (Reichsratj, 80 herd behaVior, 64 German Economjc Council, 79, 80 herding instinct,. 63 German Empire (Deutsc!les Kaiserreich), 29, 48, 72, Hermanns, Johannes, 94, 95 78, 79,127 Hers/!:y Jr, Robert D, 103 German Government (Reichsregierung), 3, 66, 68, 78, Hettloge, 9 80,90,122 Hilferding, Rudolf, 12 German High Command, 74 Hirschberg, Eliyah u, 81 German Historicol School, 49 History of Economic Thought, 45, 102 German hvperinflation, 2, 51, 60, 64, 65, 66, 119, Hitler Government, 71 122, 124 Hitler Youth,. 129 German Imperial Government, 61, 120 Hitler, Adolf, 26, 32,66,80,119:,130 German National Assembly, 3, 78, 80 Holocaust, 34, 121 German National Assembly in the Frankfurt Holtfrerich, Carl-Ludwig, 62, 65, 69 Paulskirche 1848, 71, 72 Holy Roman Empire, 17 German Parliament (Deutscher Reichstag), 66, 72, homo economiCU5, 52 74,77,80,88,122 Honig, F, 34 German Railways, 41 Hugenberg, Alfred, 32 German Republic (Deutsches Reicll), 1, 3, 72, 78, 120, Hume, Dovid, 48 126 Humpllrey, Thomas, 49,. 110 German Reserve Bank {Reichsbankj, 68 hyperinflation, 2, 11, 27, 39, 52, 55, 56, 69, 77,96, German Revolution, 75, 76 98, 114, 119, 124 German Social Democratic Party, 2, 80 hyperinflation, definitiOn, 51 German Supreme (Reichsgericht), 80, 88 German Supreme Court, Judgement of 4'" November I 1925,88,89 German Workers Council, 79 ideo I Money, 105 Gestapo, 129 Ideological causes, 19 Goebbels, Joseph, 130 Imperial Chancellor, 74

197 German Hyperinflatioll 1922/1923 - A Approach

Inca Empire, 94 Landreth, Harry,. 45, 46 Incas, 94, 95 Lar,emont,. R R, 36 Independent Treasury Ac" 105 Latin America, 93 industrial retrogression, 1 Law about the 27th of June 1924, 90 , 49, 56, 81, 102, 103, 109, 110, 123 Law about the Revaluation of Mortgages and other inflation tax, 2 Claims, 80, 84, 88, 89 inflationary process, 56, 60, 62, 122 iowofdemand,52 inherent randomness, 55 Lawson, Robert, 53 Institutional anomalies, 27 League 01 Nations, 15,28,121 Institutionalised inflation, 103, 114, 115 Leaphart, J V, 34 International Commission of Jurists, 33 Leher, .Emst, 128, 129 Intemationol Monetary Fund (IMF), 96, 123 Leibniz,Gottfried Wilhelm, 4 Inti,96 Le.ljonl:wjvud, Axel, 109 intrinsically evolutionary systems, 55 Lenin, 20, 49 Iran, 33 Les Milles camp, 132 Iraq, 33 Uberty Law, 32 Island of Rugen, 69 Ue.bknecht, Karl, 74, 75, 76 Israel,34 Lima, 94,95 Italy, 29 living standard index, 82 Lloyd George, David, 21 London Ultimatum, 7, 12, 61, 62 J Lorenz, Edward, 55 Jackson, Andrew, 114 Luther, Hans (Finance Ministerl, 13, 67 Jacksonian Movement, 102, 104, 105, 106, 1.11, 114 Luxemburg, Rosa, 75, 76 Japan, 29 Jefferson, Thomas, 28, 102 M Jeffersonians, 104 Johansen, Anders, 56, 124 Madrid,94 Jones, 53 magnetic resonance imaging (MRI), 41, 44 Julius Tower (Juliu5turm), 5, 120 Manchester Statistical Society, 117 ll)ng, Carl Gusto v, 44, 121 Mandefbrot set, 54 Junius Pamphlet, 77 Mannheim, 127 jus cogens, 35 Manon, Viwr, 132 Mark, 58, 67, 84, 122 K Mark before the war, 68 mark depreciation, 83 Kabinett Marx, 90 Mark equals Mark, 11,58,87 Kaiser Wilhelm II, 1, 23, 72~ 73, 74, 120 Mark gleich Mark, 58, 81, 87, 123 Kant, Emmanuel, 16 market rate of interest, 117 Kapp Putsch, 75 Marks, S, 30 Kathedersoziolisten, 48 Marx, Karl, 46,. 47, 50 Katona, George, 53 Marx, Wilhelm (Chancellor), 90 Keen, Steve, 50 mass hysteria, 62 Keh De, Patrick, 112 motriw/ar payments, 5 Kemmerer, Edwin, .106 Matrik,iJla~benrilge, 61, 120 Keylor, W, 29 Maynes, EScott, 53 Keynes, John Maynard, 49, 56, 69, 110 McKercher, B J C, 30, 32 Knieper, R, 37 Medieval Ages, 45 Kohf, Helmut, 42 Member 01 the Preliminary German Council an Konigsberg, 127 Economic Affairs (Reichswirtscnaftsrat), 126 Kostalany, 39 Member 01 the Pwssian State Parliament Kracht, Uwe, 92 (verfassungsgebenden preuj5ischer Landta!}), 126 Krausbeck, Kurt, 3, 125, 127, 128, 129, 132, 133 mental decision process, 53 Krugman, Paul, 2 , 110 Kwok, Alex K F, 91, 98 metallism, 81 Metalworkers Union (Deutscher Metallarbeiterverband),.. 126 L Mexico, 92 laissez ire, 46,48 Mickel, 129, 130 Lancos ter, 53 Mill, John Stuart, 101

198 German Hyperinflation 1922/1923 - A Law and Economics Approach

Mills, John, 117 Proclamation oj the Free Socialist Republic of MinskV, Mo.rvin, 52, 54 Germany, 76 mirror neurons, 40, 42, 121, 124 seeking entrepreneurs, 101 Mitchell, Wesley Clair, 49 price index, 82 monetary stimulus, 117 psychiatrist, 39 monetary theory, 10'2 psychology, 43, 121 money debt-legal nominalism, 81 Public Loan Discharge Law {Gesetz uller die AbliJsung , 105 offentlieher Anleihen] July 16,1925, RGBL 1,137, Montesquieu, Charles de, 71 84 moral decay, 70 purchasing power of money, 81, .114 Moral Essays, 103 Mosler, Hermann, 78 Q N quantity theory of money, 10'6, 110 quantum mechanics, 124 Napoleon Bonaparte, 17 Nast, Thomas, 105, 106 R National Assembly, 7,. 71, 74, 75, 78 NarionalSocialism, 66, 68 reason for th e can version relation to the gold mark National Socialist German Workers Party (NSDAP), 3, calculation, 82 65, 119, 125, 127, 128 redemption of the Reichsmark, 69 natural rote of interest, 116 referendum to the recovery of the national wealth Nazi's terrorism, 127 (Volksbegehren zur Wiederherstellung des New York State 1838, 10'5 Volksvermoegens), 90 nominalism, 58, 81 Reich,5 Notverordnung, 26 Reich Central Bank, 8 Nav,ember Revolution of 1918,8 Reich Fiscal Authority, 9 Reich Taxation Court, 6 R'elch's debt, 7 o Reichsorbeitsgemelnschoft der Oberlandesgericht, 87 Aufwertungsgeschaedigten (Associa tion of October Revolution, 77 people disadvantaged by the revaluation), 90' OECD countries, 52 Reichsbank, 58, 67, 122 Old Mutual,. 98 Reichsbank low (Reichsbankgesetz), 69 opinio juris, 33 Reichsgericht, 87, 122 Organisation Todt, 133 Reichskonzler, 25 Ormerod, Paul, 53 Reichsmork (RM), 13, 56, 62, 68, 69, 84, 122 Reichsprasident, 25 p Reichsrat, 25,80 Reichsregierung, 122 Paine, Thomas, 113, 114 Reichstag, 24, 25, 32, 74, 82, 122 paniC attock, 42' Rentenbank, 67 Ponic of 1819,10'4 Rentenbank of October 15 (RGBll 963), 67 paper-currency, 67, 84,105 Rentenmark, 13, 62, 66, 67, 84, 122 Paris Peace Conference, 3, 16, 22, 56 Reparations Agreement between Israel and West payment of reparations, 12'1 Germany, 121 Pew, 91, 93, 95, 123' Reparations Commission, 7 Peters, Gerhor(i, 114 retrogressive developmen t, 123 Philbin~ James, 105 revalorization, 82 Pizorro, Francisco, 94 revaluation, 81 Polk, James, 10'5 Revaluation (Aufwertung), 82 Pope, Alexander, 10'3 Revaluation Act 1925, 90' Popitz, Johannes, 5, 12 revClluatlon iow, 82 Portugal, 2'9 Ricardo, David, 47 present consumption, 116 Rizzolatti, Giacomo, 40, 12'1 Preuss, 8 Robbins, Lionel, 45 price deflation, 112 Robertson, Dennis, 113 price stobility, 112 Rahespierre, 44, 122 pdnciple ojreporation payments, 121 Rome, 3D, 92 Rothbard, Murray, 102, 111

199 German llypcrinflati.on ] 1923 - J\ Law and Economics Approach flothnejl, 1 A, 29 Stavro, Barry, 49 Roving Cavaliers of Credit, 50 stimulation packages, 123 Ruhr battle, 61 Stresemann, Gustav (Chancellor), 62, 67, 82 Ruhr district, 12 Stryker, James·, 105 Ruhr invasion, 77 subsistence agric!llwre, 93 Russia,. 73 Supreme Court of the German Reich {Reichsgerichtj, Russian Empire, 29 87 Szebenyei, Joseph, 70, 105, 1.14 s T 5aber!~ Hedwig, 69 Sailors of Kiel, 73 Tax Cod'e, 9 Salemi, Michael K, 60, 62, 65, 67 taxation bV currency depreciation, 56 Salerno, Josepll, H2 Territoria/Stotes, 5 Songmeister, Hortml1t, 95 Terry, fJelaunde (President), 95, 96 Sargent, Thomas, 60, 67 Terry, Chris, 53 Sal1l, john Ra/ston, 123 The Affluent Society (1958), 5,0, 53 Savigny, 89 The Arms Race, 2,0 Schacht, Hjalmar (Dr), 67, 122, 130 The Austro~Serbia Alliance (188l), 17 Sdwma,. Simon, 103 The Causes of World War One, 15 Scheidemanll, Philip, 10, 74 The Communi5t Manifesto, 46 Schiffer, 9 The Crimean War (1854-56}, 2,0 5chalosrl'cism, 45 The Dtlal Alliance (1879), 17 SciJuker, SA, 30, 31 The Momlity of La W, 33 Schumpe lef, Joseph,. 8 The pothology of money, 69 Second World Population Conference in 1984, 92 the plentitude of power of the , 87 Secret State (Gestopo)~ 129 The Reinsurance Treaty (188n 18 self-interest, 46 The Theory 0/ Money and Credit, .11 5 self-Similar objects, 54 Theodicee, 4, 124 Selgin, George, 112 Theorie des Geldes und der Um/ou/smittef, 115 Sendera I.umjnoso (shining path), 95 Theory of Mind, 41 Sennholz, HaIlS F, 61, 65 Theory of the le/SIlre closs, 53 sensitive dependence on initial conditions, 55 Third Rldeh, 28, 129 shadow economy, 62 ThirdWoy, 2 shore price index; 82 Third World, 93 Shiller, Robert, 54 Thirty Years War. 17 Simpson, Stephen, 104 Thomas., H,36 slave tmde, 121 T(ochtlmberg, M, 31 Smith, Adam, 45, 46, 47, 48' Tract em Monetary Reform, 56 social brain, 43,44, 124 troditional Economics, 12,0 Social Democratic Party {SPD}, 24,.61, 72, 77, 125, Trant, James, 109~ 113 126 Treaty of Bresl·Utovsk, 29 50cial reforms, 7'2 Treatv of Frankfurt, 30 social thinking, 44 Treaty of Londnn, 29 Saclolists of the Chair, 48 Treaty of Nel1i11,!, 30 Soldiers' and Workers' Councils, 1 Treaty o[ Versailles, 3; 6, 15, 22, 27, 28, 30, 31, 6,1, Sometre, Didier, 54, 55, 56, 124 77,120 South African rand, 98 Trinawitz, Heinrich August, 3, so, 125 Soutitern, David, 89 Triple Alliance (1882), 17 Sovereign, 46 Triple Entente (1914), 18, 29 Spanish Stalinists, 131 Tucker, S C, 29 Spartaeists, 24, 75 Tilmip Winter; 24 Special Court, 128 Specific individuals, 28 spew/otian, 113 u Speer, Albert, 133 Umsatzstel1er, 120 stobllisorion of the mQrk~ 87 Unicef, 95 , 110 United Nations, 33, 92 standard of Jiving, 113 United Nations Compensatian Commission rUNeC); Stopelfeldt~ Gerhard, 95 33

200 German 923 - A Law and Economit~s

United States, 49, 102 Webster, Daniel, 10.1 unofficial dual currency system, 68 Weimor, 3, 24, 11, 78 US Constitutioll, 34 Weimar Constitution, 3, 8, 24, 28, 121 U5PD,74 Weimar'Republic, .1, 13, 28, 66,68,69,71,120 stote,. 79 v Wells, Robin, 2 West Germany, 34 V%rism, 81 West Roman Empire, 91 Von Buren, Marti", 105 wholesale price index, 83 van Hom, A,. 30, 13 wholesale , 12 Veblen, Thorstein, 49, 53 Wickse/!, Knut, 10.2, 115, 116 Venske, Henning, 4..1 Williams, Rowan Dr, 3.5 Venzkv, Gabriele, 93 Willis, Henry Parker, 109, 1.14 Verein fur SOcialpoli!ik, 48 Wilson, Woodrow (President), 15, 16, 24 Versailles Diktat, 7 Wirth, 1.1. Volksstimme, 127 Woodworkers Unlof!, 125 V()/kswa~Jen, 119 Woolley, John, 114 Voltaire, 44, 122 Workers and Soldiers Coundls, 74 von Boden, Max (Clwncellor), 24, 28, 73, 74, 75 workers committee, 79 von Bi5hm8awerk, Eugene, 115, 116 workers' participotion, 3 von Goethe, 24 , 96 von Hayek, Friedrich, ..113',1.15,123 World Conference against Racism, 34 von Hindenburg, Paul, 27, 72 World Nutritional Conference, 92 VOIl Ludendorft 72 World Populotion Action Plan, 92 von Mise>, Ludwig, 101, 110, 115, 117 World Wru I, 1,5,20.,28,29, 40, 61, 72, 120., 124 von Schil'ler, 24 World War 1'1, 29, 94 von Schmoller,. Gustav, 48 Vorwaerts, 128 y w YO(wg Plan, 30, 32, 33

Walker, Francis Amos:a., 106, .Ll1. Wallieh, Henry, 103, .1.13 z war bonds, .120 Zimbabwe, lao., 123 war expenditure, 5 Zimbabwe dOl/Of, 98' Wo(Goill, 6 Zimbabwean hyperinflation, :200. W(H payments, 67

201 German Hyperinflation 1922/1923 - A Law and Economics Approach

About the Authors

Wolfgang Chr. Fischer studied Economics, History and Law at the Universitiit des Saarlandes, Saarbriicken, and at the Rheinische Friedrlch-\X,'ilhellTls-1Jniversitiit Bonn. He was awarded Dr.rer.pol. (Doctorate in Economics) in 1971 from the Faculty of Law & Economics, Rheinische Friedrich,\'{iilhelms-Universitiit Bonn, where he had been Academic Assistant at the Instiwte of Economic roI.ier. From 1975 until his retirement in 2000 he had been U niversit)' Professor of Economics, speciali~ed in Consumer Affairs, at the University of Bremen. Professor Fischer was Visiting Professor among other universities at the University of San Francisco and the University of Gl.l(.:lph, Canada. Currendy he is Adjunct Professor of Economics in the School of Law arJames Cook University, Australia.

Harrison Alexander Amankwah is a Retired Associate Professor in Law, formerly in the School of Law, James Cook University, Townsville, Australia. He studied Law at the University of Ghana, Legon, Accra, and was awarded Bachelor of Arts (Hons) In 1964 and Bachelor of (LL.B) (Hons) in 1966. As a Fulbright Scholar 1967/68 he was awarded (LL.M) in 1969 at Cornell University, Ncw York, USA. In 1978 he was awarded Doctor of Juridical Science (S.J.D) from New York University, USA. He held,. among other positions, Deputy Dean of Law, James Cook University; Dean, Faculty of Law, Univel:sity of Papua New Guinea; Head of Department of Law, University of lbadan, Nigeria; Head of Department of Law, University of Science and Technology, Kumasi, Ghana; Visiting Professor, Schoo] of Law, Hofstra University, New York; Visiting Senior Fellow, School of Law, University of Zambia, Lusaka. Currently he is Adjunct Professor of Law, School of Law University of South Australia, Adelaide, Australia.

Daniel Jason Goulding is a senior Client Adviser with RBS :Ylorgans in Townsville. Ik completed a through james Cook Univcrsity in 2003 and is currently undertaking post graduate studies through the University of Queensland.

Erich Krausbeck studied medicine at the Johannes Gutenberg-Universitiit in Main?:, Germany, where he was awarded Dr.med.(iI,ID) in 1981. Subsequently he took up clinical activities in the department of ncuro pathology, Unive.rsity of Mainz, i.n the Psychiatric Hospital I:>,ichberg at .Eltville and in the department of neurology at the State Psychiatric Clinic at Alzey. In 1990 he established his business as Specialist for Neurology and PsychiatlY in a practice in Bad Ems, '>vbich is now a joint practice for ncurology, psychiatry and psychotherapy with two other mediGll doctors. His scientific work encompasses the psychiany in the 13icdermcier Era, the psychopathulogy of Adolf Hitler, the psychopathology of Fyodor MikbayJovich Dostoyevsky and analyse; of rhe psychology in the ret;lil t.radc.

Kenneth Kaoma M wenda 1\ Rhodes Scholar, Prof. Kenneth K. Mwenda is Scnior in the Legal Vice­ Presidency of the World Bank, Washington DC. He also SC1"Yes as Extraordinan' Professor of Law at the University of Pretoria, South Africa, as ,veil as Adjunct Professor of Law at

203 German llypcrintlation 1922/1923 - /I,. La\';- and Economics Approach

American \vl ashington College of Law in DC Prof. Mwcnda UaJHJ(.:a[l.ons: the fligher Doctorate of Doctor of Laws (LLD) from a PhD in Law from the of dc:gree of Bachelor of (BCI. ./MPhil) from the University of a Master of Business Administration (:\,[BA) from the Hull, UK; a Bachelor of Laws from the of Zambia. Prof. Mwenda has previcmsly served a fuHtime academic at the Faculty of Law of the of\'i/anvick. In he bas been Professor of Law at th(: the of Miskolc (HLlngary), the University of Pretoria (SoLlth Africa), and the University of Western Cape (South Africa). He has authored and edited twenty··one scholarly books as weil as written over seventy articles in academic journals.

Rainhart Schweigert Rainhart studied Law at the lJniversity of FI"ankfutt on the i'v[aln from 1959 to 1961 and then commenced Law studies at the In 1963 be tlni~hed his studies in Law witb the tJrst State Examination (Erstes juristisches and then he was a in his Law in Bavaria. j·ic finished his I,aw Internship in 1968 in i\fUnchen. He was awarded Dr,jur. in the tidd of at the University of WUl'zburg. At the end of 1968 he joined the Taxati.on Achninistral.:ion of the State of Rheinland-Pfalz [lnd \vas I-lead (If Division (Sachgcbietsleiter) at the of his career. Prom 1. 972 to 1975 he was the Head of the Taxation Office at St. Goarsh~lUsen on the Rbinc. Since 1975 lin til he is a and Tax in own legal tltrn in ElK! Ems 011 the Lahn. In former times he was also a lecturer at the Academy of }\.dministralion and ECO!1(lmlc Affairs at Koblcnz on the Rhine & ,vlosdk. His W01'k includes and in particular TaXMion L,aw,

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Wolfgang Chr. Fischer (Ed.) German Hyperinflation 1922/23 - A Law and Economics Approach Lehmar - Kbln 2010 .. 220 S .• € 59,- (0) .. Hardcover" ISBN 978-3-89936-931-1

JOSEF EUL VERLAG Wolfgang Chr. Fischer, born 1942. studied Economics. History and Law at Universiriit des Saarlandes and at Rheinis­ che FriedrichWilhelms-Universiriit Bonn. He was awarded Dr. rer. pol. in 1971 from the Faculty of Law & Economics, Rheinische Friedrich-Wilhelms-Universiriit Bonn. where he had been Academic Assistant at the Institute of . From 1975 until his retirement he was Professor of Economics at University of Bremen. Currently he is Adjunct Professor of Economics in the School of Law, James Cook University. Australia.

;,'3",;,/,<;"" ."., "

"·:"th'~~o-call ed eof.thestepping , "',", ' ,and economics litera­ in,the,veryshor1: time from ".' ':~ ";<"::'\'.:>::' '," .. caus~~f the German Hyperinflation , ,tpfvvar bonds issued during WWI, ihewar by the new German Govern­ politic~1 instability at that time. The termination ritl'>i'II.. n'W,.~"'rri'mlnlishedbylegal measures through German Supreme Parliamentarian calculation of the conversion rate valbrismand not nominalism, which was not completely 'an optimal solution under current socio-economic conditions. In 'm,nn,,,r,,,rv meas~ressuchas those which were instigated by the German Reserve rough 'the implementation of the Rentenmark. a new currency backed by state land to re-establish trust. may bean example of how to deal with future in developed and developing countries. Nevertheless the immense acceleration process in hyperinflations still remains unclear and unpredictable. The transformation of an inflationary development into the hyperinflation as a very complex phenomenon, which was undertaken to some extent in this research, could be a further advanced research avenue of the complexityeconomks in conjunction with research areas like mass hysteria. bandwagon effect, social brain and mirror neurons.

ISBN 978-3-89936-931-1 OS900 www.eul.verlag.de € 59,- (D) 9' I783899 3e93:-= 1 I