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Describe the Effects of Hyperinflation on Germany in 1923 Essay

  • Submitted by: historygcselol
  • on September 3, 2013
  • Category: History
  • Length: 622 words

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Below is an essay on "Describe the Effects of Hyperinflation on Germany in 1923" from Anti Essays, your source for research papers, essays, and term paper examples.

Describe the effects of hyperinflation on Germany in 1923. (9)

The Weimar government was short of money after the First World War and so began to print more and more banknotes. The sudden flood of paper money into the economy, on top of the general strike - which meant that no goods were manufactured, so there was more money, chasing fewer goods - combined with a weak economy ruined by the war, all resulted in hyperinflation. Prices ran out of control, for example, a loaf of bread, which cost 250 marks in January 1923 had risen to 200,000 million marks in November 1923. German's currency became worthless.
The impact of hyperinflation was huge; People were paid by the hour and rushed to pass money to loved ones so that it could be spent before its value meant it was worthless. Because the mark became virtually worthless, people had to shop with wheel barrows full of money. Bartering also became common - exchanging something for something else but not accepting money for it. Bartering had been common in medieval times which show how people resorted to previous looked down upon activities. Pensioners on fixed incomes suffered as pensions became worthless. Restaurants did not print menus as by the time food arrives…the price had gone up! The poor became even poorer and the winter of 1923 meant that many lived in freezing conditions burning furniture, or in some cases, banknotes, to get some heat. The group that suffered a great deal - proportional to their income - was the middle class. Their hard earned savings disappeared overnight. They did not have the wealth or land to fall back on as the rich had. Many middle class families had to sell family heirlooms to survive. It is not surprising that many of those middle class, who suffered in 1923, were to turn to Hitler and the Nazi Party. Hyperinflation proved to many that the old mark was of no use. Germany needed a new currency. It also meant that the people of Germany started to lose faith in the new...

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Describe the Effects of Hyperinflation on Germany in 1923. Anti Essays. Retrieved December 14, 2018, from the World Wide Web: http://parimatchstavki7.com/free-essays/Describe-The-Effects-Of-Hyperinflation-On-508107.html