First Edition of Niall Ferguson's First book Paper & Iron; Inscribed by Him in the year of Publication and Additional letter laid in
Paper and Iron: Hamburg Business and German Politics in the Era of Inflation, 1897 1927
Item Number: 5764
Cambridge: Cambridge University Press, 1995.
First edition. Octavo, original cloth. Inscribed by the author in the year of publication, “To Joshua with best wishes from Niall May 1995.” Also, laid in is a handwritten signed letter from the author on Oxford letterhead which reads, “Dear Joshua, Please find enclosed a copy of Paper and Iron. Do you think I should send one to Marie Warburg? Rothschilds progresses, but slowly, otherwise not much to report. Hope all’s well with you in Vermont. Yours ever, Niall 31.v.95.” Fine in a fine dust jacket.
Few economic events have had the impact of German hyperinflation in 1923, still remembered as a root cause of Hitler's rise to power; yet in recent years historians have defended the inflationary policies adopted after 1918. Niall Ferguson takes a different view. He argues that inflation was an economic and political disaster, and that alternative economic policies could have stabilized the German currency in 1920. To explain why these were not adopted, he points to long-term defects in the political institutions of the Reich from the 1890s. The book therefore not only reveals the Wilhelmine origins of Weimar's failure: it also casts new light on the origins of the Third Reich.