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Political Economics and the Weimar Disaster

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  • Roger B. Myerson

Abstract

The treaty of Versailles and the Weimar constitution were written in 1919 with expert advice from John Maynard Keynes and Max Weber respectively. This paper considers how advances in political and economic theory since then could help to better understand the problems of Weimar and Versailles. The Weimar constitution's combination of a strong presidency with a proportional-representation legislature may be responsible for the breakdown of German parliamentary government, and may have facilitated the careers of extremist authoritarian politicians. The Versailles treaty's huge reparations bill created a war of attrition that encouraged Germans to cultivate the Depression and Nazism.

Suggested Citation

  • Roger B. Myerson, 2004. "Political Economics and the Weimar Disaster," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 160(2), pages 187-187, June.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200406)160:2_187:peatwd_2.0.tx_2-2
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    References listed on IDEAS

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    1. Bulow, Jeremy & Rogoff, Kenneth, 1989. "A Constant Recontracting Model of Sovereign Debt," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 155-178, February.
    2. Arce M. D. G., 1996. "The economic consequences of the peace: Keynes and correlation," Mathematical Social Sciences, Elsevier, vol. 31(1), pages 50-50, February.
    3. Abreu, Dilip, 1986. "Extremal equilibria of oligopolistic supergames," Journal of Economic Theory, Elsevier, vol. 39(1), pages 191-225, June.
    4. Dixit, Avinash & Londregan, John, 2000. "Political Power and the Credibility of Government Debt," Journal of Economic Theory, Elsevier, vol. 94(1), pages 80-105, September.
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    Cited by:

    1. Kwang-Jin Kim & Patrick James, 2010. "Learning From The Great War? The Origin Of Democratic Peace," Defence and Peace Economics, Taylor & Francis Journals, vol. 21(5-6), pages 487-505.

    More about this item

    JEL classification:

    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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