Une nouvelle interprétation de l'hyperinflation allemande

André Orléan

Revue Économique, 1979, vol. 30, issue 3, 518-539

Abstract: [eng] A new interpretation of german hyperinflation. The aim of this article is to present an interpretation of German hyperinflation which will break radically with the traditional monetarist interpretation. In opposition to the monetarist position, the author has distinguished two highly contrasting phases in the process of monetary disintegration. The first phase is of a classic sort. In the second phase tendencies toward a generalized indexing of prices and the formation of regional monetary structures begin to take over. This second phase is of the greatest theoretical and practical interest, for in this situation of total collapse certain basic principles of monetary relationships become clear. An understanding of these principles makes it possible to analyze the contemporary crisis and its probable effects.. This study was written in the framework of the Marxist theory of money. This has allowed the author to break with a strictly « economist's » view of the problems, thus giving an important role in the development of hyperinflation to political and institutional conditions. [fre] prix et à la formation de structures monétaires régionales. Elle est d'un grand intérêt théorique et pratique, car à la faveur d'une situation, certes paroxysmique, sont mis à jour certains enjeux fondamentaux des relations monétaires ; la com­préhension de ces enjeux permettant de mieux analyser la crise contemporaine et ses effets probables.. L'ensemble de cette recherche est mené dans le cadre de la théorie marxiste de la monnaie. Celle-ci permet de rompre avec une vision strictement « économiste » des problèmes : elle fait jouer un rôle important dans le développement de l'hyper­inflation aux conditions politiques et institutionnelles.

Date: 1979
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