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The consequences of a trade collapse: Economics and politics in Weimar Germany

Author

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  • Brey, Bjorn
  • Facchini, Giovanni

Abstract

What are the political consequences of de-globalization? We address this question in the context of Weimar Germany, which experienced a 67\% decline in exports between 1928-1932. During this period, the Nazi party vote share increased from 3\% to 37\%. Using newly digitized data, we show that this surge was not driven by the direct effects of the export decline in manufacturing areas. At the same time, trade shock-induced declines in food prices spread economic hardship to rural hinterlands. We document that this indirect effect and the pro-agriculture policies put forward by the Nazis are instead key to explain their electoral success.

Suggested Citation

  • Brey, Bjorn & Facchini, Giovanni, 2024. "The consequences of a trade collapse: Economics and politics in Weimar Germany," CEPR Discussion Papers 19383, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19383
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    More about this item

    Keywords

    Trade; Extremism; Germany;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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