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

Jan Greitens

No 03-22, IBF Paper Series from IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main

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.

Keywords: Bundesbank; Reichs-Kredit-Gesellschaft; Adolf Weber; Ordoliberalism; National Socialism; Money; Inflation (search for similar items in EconPapers)
JEL-codes: B26 B31 E58 N14 N24 (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-ger, nep-his and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ibfpps:0322

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