I Don't Want to be Right

[kandrathe]

... instead of for what it really was: a result and response to The Treaty of Versailles and the crumbling of German capitalism, as well as the existing fragile material conditions in Europe as a whole following WWI.

It was more likely that Germany's economic woes were due to the Treaty of Versailles, unrestrained hyperinflation, and the Great Depression -- see also Keynes (1919). The Economic Consequences of the Peace. Ch VI.

I believe it to be a bit obtuse, and facetious to claim generally, "capitalism failed" -- and probably also likewise to make that claim against socialism. Whereas more realistically, it is the structures, institutions, and poor human decision making that results in failures. In the case of the Wiemar Republic, they put too much reliance on borrowing, stressed their banking system and due to enforced isolation by the victors of WWI, crippled Germany's industries. As a result, they suffered high unemployment, currency devaluation, increasing poverty, crime, and extremism.

As in all things, actions have intended, and often unintended consequences. Economy is a complicated, and intertwined dance of monetary/banking policies, legislative policies, available labor, access to raw materials/goods and innovation. Every once in awhile, somebody gets an itch, and the next thing you know -- all the spinning plates hit the floor.