The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany

The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany

The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany

The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany

Excerpt

The present book is a translation, with some modifications--changes in arrangement, omission here and there of redundant mention of sources, and the addition of an appendix to chapter two (formerly chapter three)--of the work Le vicende del marco tedesco. The Appendix is a translation of Chapter 1 of my work Le previsioni economiche (Nuova Collana di economisti italiani e stranieri. Unione Tipografica Editrice Torinese, Torino 1932, vol. vi).

In the analysis of the causes and effects of the depreciation of the German mark I have used, besides German official publications and economic articles in some of the leading newspapers (which are an important source of information), personal observations made during a long stay in Germany from 1920 to 1929, first as a member of Berlin staff of the Reparations Commission; then as head of the German Exports Control which was instituted in 1921 by the Committee of Guarantees; and lastly as economic adviser to the Agent-General of Reparations.

I acknowledge my debt to the Director of the Universitá Bocconi, who has kindly permitted the present translation and also to the Unione Tipografica Editrice Torinese. Particularly I am grateful to the Sir Halley Stewart Trust, which has greatly facilitated the appearance of the English edition by a generous grant for translation. I emphasize this the more because it seems to me to show that, far above ephemeral political disturbances, live and lasting forces are at work which assure the permanence of that bond between the nations which is created by the work of past generations. One of these live forces is the work of science.

I wish to take this opportunity of thanking Professor Robbins, who initiated the production of an English edition, and by whose valuable suggestions I have greatly profited.

C. BRESCIANI-TURRONI

CAIRO

May 1937 . . .

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