The Myth of Hyperinflation

Clint Ballinger

[Image: Charge of German infantry against the Russian fortress of Novogeorgievk, 1915. Germans sieging Russians in Poland in other words, soon all to have their currencies collapse.]

In «Airplane crashes aren’t ‘hyperlandings’: Notes onZimbabwe» I outlined the long history of conflict, colonialism, ethnic/political schisms, corruption, bad policy choices, disease, and how these combined with an elite dictator class desperate to cling to power in Zimbabwe. The elite attempted to cling to power by adding ever more zeros to the currency; this was the result of all of the above, not cause.

I had planned to go into the same detail for a post on Venezuela and Weimar, the other primary cases one hears mentioned time and again.

However, I realize there is really no need. The details differ, but one can look at any basic political and general history of Weimar or Venezuela and plug in almost all of the…

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On several Marxist themes in “Capitalism, Alone”: My reply to Romaric Godin’s review

Romaric  Godin has recently written a very stimulating review of “Le capitalism, sans rival” with a somewhat provocative title “La reflexion inachevée de Branko Milanovic sur le capitalisme”. There are reasons why the reflection may necessarily remain incomplete, but there are also some points on which I would like to define my thinking a bit…

On several Marxist themes in “Capitalism, Alone”: My reply to Romaric Godin’s review

Patent monopolies in prescription drugs cause corruption # 43,508

from Dean Baker Economists and economic reporters all know that tariffs can lead to corruption. The idea is that if a government-imposed tariff raises the price of a product by 10-25 percent above the free market price, companies have a large incentive to find ways to avoid the tariff. This can mean reclassifying imports to […]

Patent monopolies in prescription drugs cause corruption # 43,508