Iron and Steel in the German Inflation, 1916-1923

This study explains how businessmen in the German iron and steel industry managed their enterprises, dealt with their customers, and acted in their relations with state and society during a period of war, revolution, and economic crisis. Because this industry occupied a central position in Germany during the inflation, the author's investigation illuminates certain crucial aspects of the Weimar Republic that have hitherto been relatively unexplored. The author explains how heavy industry—and particularly the iron and steel industry-successfully took advantage of shortages of raw materials and of inflation to gain the upper hand over customers in the manufacturing industries. He notes that it proved able to resist government and consumer efforts to change and control policies affecting heavy industry and, finally, to lead the counterattack against labor's greatest gain in the Revolution of 1918, the eight-hour day. Although the importance of iron and steel to the German economy declined in relation to that of more advanced sectors of the economy, its highly concentrated character, able leadership, and importance to the war and reconstruction efforts gave it advantages in reconstituting its power within the business community and the Weimar state. Originally published in 1977. The **Princeton Legacy Library** uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. This study explains how businessmen in the German iron and steel industry managed their enterprises, dealt with their customers, and acted in their relations with state and society during a period of war, revolution, and economic crisis. Because this industry occupied a central position in Germany during the inflation, the author's investigation illuminates certain crucial aspects of the Weimar Republic that have hitherto been relatively unexplored. The author explains how heavy industry--and particularly the iron and steel industry-successfully took advantage of shortages of raw materials and of inflation to gain the upper hand over customers in the manufacturing industries. He notes that it proved able to resist government and consumer efforts to change and control policies affecting heavy industry and, finally, to lead the counterattack against labor's greatest gain in the Revolution of 1918, the eight-hour day. Although the importance of iron and steel to the German economy declined in relation to that of more advanced sectors of the economy, its highly concentrated character, able leadership, and importance to the war and reconstruction efforts gave it advantages in reconstituting its power within the business community and the Weimar state. Originally published in 1977. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These paperback editions preserve the original texts of these important books while presenting them in durable paperback editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905 Contents List of Tables Preface Abbreviations Introduction The Rationale for This Study and Some Methodological Considerations Iron and Steel in the German Prewar Economy The Great Concerns and Their Leaders Cartels, Syndicates, and Trade Associations 1.The Dilemmas of Industrial Self-Government, September 1916-July 1919 Cartels and Syndicates Between Compulsion and Uncertainty Iron and Steel Producers and Their Industrial Consumers Between Conflict and Cooperation In War In Revolution 2. The Disruption of Industrialist Solidarity, July 1919-April 1920 The Steel Works Association in Disintegration and The Quest for Alternatives "Onward to World Market Prices!" Government Regulation of the Iron Trades 3. Unity Restored: The Struggle for Decontrol, 1920-1921 The Failure of The EWB Export Controls Under Attack 4. Vertical Concentration The Tale of Two Concerns The Balance Sheet of Vertical Concentration 5. 1922: From Low Interest to High Principle The Last Fling Toward an Economic Program 6. 1923: From Ruhr Occupation to Twelve-Hour Shift Surviving Passive Resistance Ending Passive Resistance and The Eight-hour Day Epilogue Appendix One. Dollar Exchange Rate of The Paper Mark and The Gold Mark in Berlin, 1914-1923 Appendix Two. Production of Coal, Pig Iron, and Crude Steel in Germany, Great Britain, France, and Belgium, 1913-1929 Bibliography Index