Ullrich, Volker. 2023. Germany 1923: Hyperinflation, Hitler’s Putsch and Democracy in crisis. W.W. Norton & Company: New York, NY.

Germany underwent a turbulent period between 1918 to 1933, marked by political instability, economic hardship, and the rise of extremist ideologies in the Reichstag following the death of President Friedrich Ebert.

Following Germany’s defeat in World War I, the German Empire was replaced by the Weimar Republic in 1918. The Weimar Republic faced numerous challenges, including the Treaty of Versailles, which imposed heavy reparations on Germany, leading to economic difficulties and hyperinflation in the early 1920s.

Germany also experienced several changes in government, with coalitions forming and collapsing frequently. The political instability was exacerbated by extremist groups on both the left and right, including the Communist Party and the nascent Nazi Party, which attempted a coup in 1923 —the Beer Hall Putsch.

In 1924, the Dawes Plan helped stabilize the German economy temporarily, but the Great Depression of the 1930s hit Germany particularly hard, leading to widespread unemployment and social unrest. More American credit — five billions dollar worth — provided much needed economic stability to Germany between 1924 and 1930. More money was injected into the economy then, than during the Marshall Plan following World War 2. When the American stock market crashed on Tuesday, Oct. 29 Germany was in a dire position.

Amidst the ongoing turmoil of economic downfall and prevailing attitudes of elected officials against parliamentary democracy, the Nazi Party, led by Adolf Hitler, capitalized on popular discontent and economic hardship, promising to restore Germany’s greatness. The Nazis gained support through propaganda, scapegoating of minorities and exploiting nationalist sentiments. In 1933, Hitler was appointed Chancellor, marking the beginning of the Third Reich and the end of the Weimar Republic.

Here are several key graphs from Chapter 9, After 1923.

A German manufactured 1949 Olympia Elite was used to generate the above text: