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The social perception of hyperinflation in the Weimar Republic - Research Paper Example

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Name Professor Course Date The social perception of hyperinflation in the Weimar Republic The hyperinflation experienced by Weimar Republic during 1921-23 up to date remains one of the most injurious and renowned fiscal calamity that almost brought the entire state to an irredeemable condition…
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The social perception of hyperinflation in the Weimar Republic
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Download file to see previous pages The Weimar Republic’s condition was an exceptional case not only due to the then reparation cases after war but also worsened by decisions made by economists and those who were in power to contain the situation. Hence, leading to indescribable suffering to the then citizens where prices based on studies so far contacted seemed to change on hourly basis. Weimar Republic’s fiscal decisions during then meant to curb the situation not only aroused intense debates shortly afterwards as evident from scholars who based on their financial knowledge criticized them even to date. This is according to the way in which the then economists without keenness of the upcoming results decided to print more money for public’s use. According to Widdig, this was through the “policy of easy money”, which entailed the government to embark on excessive printing of more money without adjusting inflation and interest rates (Ferguson 270). Hence, contributing to the hiking of goods’ prices at an extremely alarming rate, which in turn yielded to varied mixed reactions not only among the then few economists who knew the end results but also other scholars afterwards. During then, economists of the day seemed to suffer from myopic state in terms being unable to ascertain what will befall the state if they advised the government to print more money with the intention of clearing its internal debts. This study seeks to address the following two key questions, 1. How contemporaries experienced and understood hyperinflation; is a very interesting one. 2. How contemporary perception compare to the retrospective analysis of historians and economists only at the end. Between 1921 and 1923, citizens based on their mode of payments, expressed mixed reactions concerning the then depreciating paper currency besides universal woes that faced Germany’s economy. Those who relied on fixed payment like monthly salaries due to the then escalating prices of goods in relation increasing paper notes experienced utter desperation. This is because after payment most of them were unable to purchase what they needed whereby upon receiving after receiving their salaries or wages rushed immediately to a nearby shop to buy what they could afford before money started to depreciate (“BBC”). Those who were in short term payment terms like wages seemed to enjoy the deal because they were capable of negotiating their wages on daily basis or based on hourly intervals to be able to cater for their expenses as well as purchase what they needed (“BBC”). Despite wage mode of payment benefiting a few people during then although through struggling, the state of hyperinflation was evident not only among those contended to be on investment spree but also the entire state (Ferguson 10). The latter according to Ferguson (10) included industrial sector, which tried its best to produce more goods meant for the public who had money but kept on depreciating due to the hiking of goods. Hence, increase the demand of goods that turned out out to be extremely high among the people who despite having money could not afford to acquire them because prices were changing spontaneously and within very short time. For instance, a certain father according to BBC news headed to Berlin to purchase a pair of shoes for his son but on his arrival, he could only purchase a cup of coffee and save the remaining to cater for his bus fare (“BBC”). In addition, numerous citizens who had for long worked hard to ...Download file to see next pagesRead More
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