Summary
Wars always bring great destruction in their wake. World War I brought about the destruction of several national currencies in orgies of paper-money inflations. One such tragic episode was the disintegration of the Austro-Hungarian Empire and the accompanying Great Austrian Inflation in the immediate postwar period.
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Extract
The Great Austrian Inflation
Wars always bring great destruction in their wake. Human lives are lost or left crippled; wealth is consumed to cover the costs of combat; battles and bombs leave accumulated capital in ruins; real and imagined injustices turn men against the existing order of things; and demagogues emerge to play on the frustrations and fears in people's minds.
All these factors were at work during and after World ...See the full content of this document
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