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Adolf Weber statt Freiburger Schule? Die theoretischen Ansichten über Geldpolitik in der frühen Bundesbank am Beispiel von Bernhard Benning

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  • Greitens, Jan

Abstract

This paper analyses the early years of the history of the Bundesbank from a history of economic thought-perspective. The study uses the example of Bernhard Benning, who was heading the Economics Department of the Reichs-Kredit-Gesellschaft, one major banks owned by the German Reich during the National Socialist era. After the war Benning became a member of the Executive Board of the Deutsche Bundesbank for 22 years. Benning was a student of Adolf Weber and was strongly influenced by the latter‘s opportunistic, conservative, and pro-business liberalism, rather than by ordoliberal ideas. Benning drew his legitimacy for his role in the early Federal Republic from his public criticism of war financing and from warning against inflation in the DonnerBenning Debate since 1942/43. In this tradition, the early Bundesbank was Weberian rather than ordoliberal, so fixed exchange rates were favored, and a strong business and investment perspective was adopted.

Suggested Citation

  • Greitens, Jan, 2022. "Adolf Weber statt Freiburger Schule? Die theoretischen Ansichten über Geldpolitik in der frühen Bundesbank am Beispiel von Bernhard Benning," IBF Paper Series 03-22, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    • Handle: RePEc:zbw:ibfpps:0322
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    File URL: https://www.econstor.eu/bitstream/10419/266351/1/1669049002_SFupLD_22-03_greitens_bernhard_benning-geldpolitik.pdf
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    References listed on IDEAS

    as
    1. Adam J. Tooze, 1993. "Thesen zur Geschichte des Ifk / DIW 1925-1945," Discussion Papers of DIW Berlin 82, DIW Berlin, German Institute for Economic Research.
    2. Rieter Heinz, 2009. "Die währungspolitische Maxime der Deutschen Bundesbank aus ideengeschichtlicher Sicht," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 50(1), pages 151-176, June.
    3. Mee,Simon, 2019. "Central Bank Independence and the Legacy of the German Past," Cambridge Books, Cambridge University Press, number 9781108499781.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bundesbank; Reichs-Kredit-Gesellschaft; Adolf Weber; Ordoliberalism; National Socialism; Money; Inflation;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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