For fifteen years economic historians have discussed whether the German economy suffered from a crisis before the crisis during 1925 29, and if so, why. Apart from wages, the most widely debated issue is Weimar s investment record. The contributions so far have relied on the database of Walther Hoffmann which allows a comparison of Weimar s net investment and net product with the pre-World War I period. In this paper, alternative time series for gross fixed investment and gross national product are compiled for the period 1901 32. These data confirm Weimar s poor overall economic growth. However, it appears that Weimar s aggregate investment ratio was quite normal , if compared both intertemporally with the late Empire and internationally with other major economies in the 1920s. It is argued that further discussion of Weimar s investment record should focus on the productivity of private and especially of public investment rather than on its aggregate level.
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Volume (Year): 1 (1997) Issue (Month): 03 (December) Pages: 271-297 Download reference. The following formats are available: HTML
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