1 David F. Good, “The state and economic development in Central and Eastern Europe,” in Nation, State and the Economy in History, ed. Alice Teichova and Herbert Matis (Cambridge: Cambridge University Press, 2003), 133-58; David F. Good and Tongshu Ma, “The economic growth of Central and Eastern Europe in comparative perspective, 1870-1989,” European Review of Economic History 3 (Aug. 1999): 103-37.
2 Gustav Gratz and Richard Schüller, Der wirtschaftliche Zusammenbruch Österreich-Ungarns (Vienna: Hölder-Pichler-Tempsky, 1930); Robert J. Wegs, Die österreichische Kriegswirtschaft 1914-1918 (Vienna: Schendl, 1979); Zdeněk Jindra, “Der wirtschaftliche Zerfall Österreich-Ungarns,” in Österreich und die Tschechoslowakei 1918-1938, ed. Alice Teichova and Herbert Matis (Vienna: Böhlau, 1996), 17-50.
3 Z. Drabek, “Foreign Trade Performance and Policy,” in The Economic History of Eastern Europe 1919-1975, vol. I, ed. M. C. Kaser and E. A. Radice (Oxford: Clarendon Press, 1985), 386-89.
4 For the institutional development see the contribution of Peter Berger in this volume. For a concise overview of the political history in Czechoslovakia and Hungary see Joseph Rothschild, East Central Europe between the Two World Wars (Seattle: University of Washington Press, 1974).
5 I. T. Berend, “Agriculture,” in The Economic History of Eastern Europe 1919-1975, vol. I, 148-209; Peter R. Berger, Der Donauraum im wirtschaftlichen Umbruch nach dem Ersten Weltkrieg, vol. 1 (Vienna: VWGÖ, 1982), 13-64.
6 Alice Teichova, The Czechoslovak Economy 1918-1980 (London: Routledge, 1988) 24-28; Camillo Worliczek, “Die landwirtschaftliche Bodenreform der Tschechoslowakei,” in 10 Jahre Nachfolgestaaten (Vienna: Der Oesterreichische Volkswirt, 1928), 136-38.
7 Siegfried Strakosch, “Die Landwirtschaft Österreichs,” in 10 Jahre Nachfolgestaaten, 69.
8 Rothschild, East Central Europe between the Two World Wars, 158-60.
9 Joseph Badics, “Ungarische Landwirtschaft,” in 10 Jahre Nachfolgestaaten, 174-76; Ivan T. Berend and György Ránky, The Hungarian Economy in the Twentieth Century (London: Croom Helm, 1985), 54-55.
10 The low level of mechanization can be illustrated be the numerical relation of agrarian holdings to tractors. While in Hungary there were some 1.6 million holdings the total number of tractors in use only amounted to some 2,000 in 1926 and was raised to 6,000 until 1929. In Czechoslovakia in a similar manner, on a total of 1.6 million estates there were 2,294 tractors in use in February 1928. Berend, “Agriculture,” 166. In the Austrian agrarian sector mechanization remained at an even lower level of development. As a consequence, human labor and draft animals remained the prevailing source of power. Roman Sandgruber, Ökonomie und Politik (Vienna: Ueberreuter, 1995), 369-70, 502; Roman Sandgruber, “Die Landwirtschaft in der Wirtschaft – Menschen, Maschinen, Märkte,” in Geschichte der österreichischen Land- und Forstwirtschaft im 20. Jahrhundert, ed. Ernst Bruckmüller et al. (Vienna: Ueberreuter, 2002), 323-38.
11 Drabek, “Foreign Trade Performance and Policy,” 408-13; Andreas Resch and Zdeněk Sládek, “Integrations- und Desintegrationstendenzen: Die Handelsbeziehunen 1921-1937,” in Österreich und die Tschechoslowakei 1918-1938, 255-85.
12 Peter Eigner, “Nostrifikation und Bodenreform in den Nachfolgestaaten der Habsburgermonarchie – ein Vermögensentzug?,” Österreich in Geschichte und Literatur 45 (2001): 281-99; Vlastislav Lacina, “Kapitalumschichtungen in der Tschechoslowakei im Laufe der Nostrifizierung,” in Der Markt im Mitteleuropa der Zwischenkriegszeit, ed. Alice Teichova et al. (Prague: Karls-University, 1997), 169-87.
13 Lacina, “Kapitalumschichtungen in der Tschechoslowakei im Laufe der Nostrifizierung,” 164.
14 See Alice Teichova, An Economic Background to Munich: International Business and Czechoslovakia 1918-1938 (London: Cambridge University Press, 1974), chs. 2 to 6.
15 Hans Kernbauer, “Zur Entwicklung des österreichischen Kapitalmarkts in der Zwischenkriegszeit,” in Der Markt im Mitteleuropa der Zwischenkriegszeit, 98-104.
16 Berend and Ranky, The Hungarian Economy in the Twentieth Century, 30-55.
17 Drabek, “Foreign Trade Performance and Policy,” 399, 424.
18 Agnes Pogany, “The Hungarian Financial Market Between the two World Wars,” in Der Markt im Mitteleuropa der Zwischenkriegszeit, 125.
19 Fritz Weber, “Vor dem großen Krach: Die Krise des österreichischen Bankwesens in den zwanziger Jahren,” Habilitationsschrift, University of Salzburg, 1991, 110-402; Dieter Stiefel, “Österreich,” in Europäische Bankengeschichte, ed. Hans Pohl (Frankfurt: Knapp, 1993), 438-43.
20 Stiefel, “Österreich,” 441.
21 Georg Kemény, “Ungarns Finanz- und Kreditwesen,” in 10 Jahre Nachfolgestaaten, 171-73; Compass Čechoslovakei 1931 (Prague: Compassverlag, 1931), 246-47.
22 Ben Bernanke and Harold James,“The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison,” NBER Working Paper No. 3488, Cambridge, MA, 1990, 26.
23 Hans Kernbauer and Fritz Weber,“Multinational banking in the Danube basin: The business strategy of the Viennese banks after the collapse of the Habsburg monarchy,” in Multinational enterprise in historical perspective, ed. Alice Teichova et al. (Cambridge: Cambridge University Press, 1986), 185-99; Fritz Weber, “Große Hoffnungen und kleine Erfolge: Zur Vorgeschichte der österreichischen Finanzkrise von 1931,” in Bank Austria Creditanstalt: 150 Jahre österreichische Bankengeschichte im Zentrum Europas, ed. Oliver Rathkolb et al. (Vienna: Zsolnay, 2005), 180-95.
24 Vlastislav Lacina, “Bankensystem und Industriefinanzierung in der Tschechoslowakischen Republik (1918-1931),” Österreichische Zeitschrift für Geschichtswissenschaften 4 (1993): 542-47.
25 Stiefel, “Österreich”; Andreas Resch, “Wien – die wechselvolle Entwicklung eines Finanzplatzes in Zentraleuropa,” Bankhistorisches Archiv, Beiheft 45: Europäische Finanzplätze im Wettbewerb (2006): 116.
26 P. L. Cottrell, “‘Mushrooms and dinosaurs’: Sieghart and the Boden-Credit-Anstalt during the 1920s,” in Universal Banking in the Twentieth Century, ed. Alice Teichova et al. (Aldershot: Elgar, 1994), 155-77.
27 Ivan T. Berend, “Banking and the Hungarian Economy in the 20th Century,” in Bank Austria Creditanstalt: 150 Jahre österreichische Bankengeschichte im Zentrum Europas, ed. Oliver Rathkolb et al. (Vienna: Zsolnay, 2005), 218.
28 Among the “western” consortium were the London banks Lazard Brothers Ltd., Industrial Finance & Investment Corporation Ltd., and Kleinwort Sons & Co., as well as International Acceptance Banc Inc. New York, Hallgarten & Co. New York and the German banks M. Warburg & Co. and Mendelsohn & Co. See Pogany, “The Hungarian Financial Market Between the two World Wars,” 129.
29 More than 50 percent of this sum resulted from loans raised before 1924, among them foreign debt “inherited” from the imperial era. Ibid., 131-32.
30 Alice Teichova, “Interwar Capital markets in Central and Southeastern Europe,” in Der Markt im Mitteleuropa der Zwischenkriegszeit, 88.
31 Andreas Resch, “Konjunkturelle Rahmenbedingungen, investitionshemmende Politik und Arbeitslosigkeit zwischen den Weltkriegen,” in Rationalisierung und Massenarbeitslosigkeit, ed. Günther Chaloupek et al. (Graz: Leykam, 2009), 96; “Österreichs Volkseinkommen 1913 bis 1963,” Monatsberichte des Oesterreichischen Institutes für Konjunkturforschung, 14. Sonderheft, Vienna, 1965, 41.
32 E. Lethbridge, “National Income and Product,” in The Economic History of Eastern Europe 1919-1975, vol. I, 558.
33 Lacina,“Bankensystem und Industriefinanzierung in der Tschechoslowakischen Republik,”, 542-50.
34 Lethbridge, “National Income and Product,” 543.
35 Teichova, An Economic Background to Munich, 137-52; Andreas Resch,“Phases of competition policy in Europe,” in The European Economy in an American Mirror, ed. Barry Eichengreen et al. (London: Routledge, 2008), 409.
36 Die Bilanzen, 5 Oct. 1929, 1.
37 Die Bilanzen, 3 July 1920, 155-56.
38 Teichova, An Economic Background to Munich, 101.
39 Die Bilanzen, 5 Oct. 1929, 1-2; Compass Čechoslovakei 1931, 740-45.
40 Teichova, An Economic Background to Munich, 107.
41 Andreas Resch, Industriekartelle in Österreich vor dem Ersten Weltkrieg (Berlin: Duncker & Humblot, 2002), 111-16.
42 Compass Ungarn 1928, 626-27.
43 Die Bilanzen, 13 Dec. 1924, 81.
44 Total volume of the loan was 3 million U. S. dollars, interest rate was 7 percent. The loan could be sold at a price of 88 percent of the nominal value.
45 Die Bilanzen, 11 Dec. 1926, 121.
46 Compass Ungarn 1931, 608.
47 Otto Hwaletz, Die österreichische Montanindustrie im 19. und 20. Jahrhundert (Vienna: Böhlau, 2001), 230-31.
48 Barbara Schleicher, Heisses Eisen (Frankfurt: Lang, 1999), 37-47.
49 Just at this time, the Prague Iron Company sold off her Alpine shares, which exerted additional pressure on the going rate. Die Bilanzen, 17 Apr. 1920, 109.
50 By the Germans the Erzberg could be used as a means of exerting pressure in negotiations concerning trade agreements and the formation of an international steel cartel, when ore producers in Saar and Lorraine wanted to re-negotiate trade relations with the German industry. Schleicher, Heisses Eisen, 88-92; Alfred Reckendrees, Das “Stahltrust”-Projekt (Munich: Beck, 2000), 122ff.; Charles S. Maier, Recasting Bourgeois Europe (Princeton: Princeton University Press, 1975), 387ff., 516ff.
51 Die Bilanzen, 24 Feb. 1923, 162 and 7 June 1924, 273-74.
52 Compass 1914, vol. 2, 359 and Compass Österreich 1930, 679.
53 Jens-Wilhelm Wessels, Economic Policy and Microeconomic Performance in Inter-War Europe: The Case of Austria, 1918-1938 (Stuttgart: Steiner, 2007), 37.
54 Die Bilanzen, 24 Feb. 1923, 162.
55 Schleicher, Heisses Eisen, 184-85.
56 Wessels, Economic Policy and Microeconomic Performance in Inter-War Europe, 39, 172-74.
57 Founding members were the steel producers of Belgium, France, Germany, Luxemburg and Saar.
58 Andreas Resch, “Große Marktmacht in einer kleinen Volkswirtschaft: Die österreichischen Kartelle in der Zwischenkriegszeit,” in Kartelle in Österreich, ed. idem. (Vienna: Manz, 2003), 53-60.
59 Production in Orlová had amounted to some 150,000 tons of hard coal in 1910 and was to be increased to 300,000 tons during the following years. Compass 1914, vol. II, 356.
60 Karl Bachinger and Herbert Matis, “Strukturwandel und Entwicklungstendenzen der Montanwirtschaft 1918-1938,” in Österreichisches Montanwesen, ed. Michael Mitterauer (Vienna: Verlag für Geschichte und Politik, 1974), 117, 128; Hwaletz, Die österreichische Montanindustrie im 19. und 20. Jahrhundert, 221.
61 Hwaletz, Die österreichische Montanindustrie im 19. und 20. Jahrhundert, 311-12.
62 Compass Österreich, div. years.
63 Resch, Industriekartelle in Österreich vor dem Ersten Weltkrieg, 222-28; Gerhard A. Stadler, “Die Rüstungsindustrien der Donaumonarchie und ihre Exporte nach Lateinamerika,” PhD. diss., University of Vienna, 1985.
64 Die Bilanzen, 30 Oct. 1926, 52.
65 Teichova, An Economic Background to Munich, 195-217.
66 Compass Čechoslovakei 1931, 856-58.
67 See Teichova, An Economic Background to Munich, 200-01.
68 Arms factories in Hungary and Austria (e. g. Austrian Armaments Factory, Styria) had to quit this business due to the requirements of the peace treaties of St. Germain and Trianon. M. Hauner, “Military Budgets and the Armaments Industry,” in The Economic History of Eastern Europe 1919-1975, vol. II, ed. M.C. Kaser and E.A. Radice (Oxford: Clarendon Press, 1986), 49-116.
69 “Among the bans imposed by the French concern on the Skoda-Works was an embargo on imports of certain raw materials and semi-finished goods from Germany, because the Paris headoffice reserved deliveries of these for itself.” Teichova, An Economic Background to Munich, 213-14.
70 Contemporary industrialists were very aware of this fact. See Georg Hanel, “Fragen der Kraftwagenindustrie,” in 10 Jahre Nachfolgestaaten, 61-62. For an analysis of the Austrian car manufacturer Steyr works Ltd. see Wessels, Economic Policy and Microeconomic Performance in Inter-War Europe, 68-70, 205-07, 349-52.
71 Hauner, “Military Budgets and the Armaments Industry,” 54.
72 Compass 1914, vol. II, 474-75, 933.
73 The joint stock capital of the Austrian Hofherr company was raised from 45 to 60 million crowns and Clayton & Shuttleworth was let to have shares of a nominal value of 12.5 million crowns. In the same way the Hungarian company increased capital from 15.5 to 17.5 million crowns and transferred shares of a nominal value of 4 million crowns to the British creditor. Die Bilanzen, 29 Oct. 1921, 26.
74 Die Bilanzen, 25 May 1929, 382-83.
75 Die Bilanzen, 1 Feb. 1930, 193-94, and 12 July 1930, 470.
76 The company was put back on its feet by the banks in 1934 and taken over by the German manufacturer of agrarian machines Lanz after the “Anschluss” in 1938. Wessels, Economic Policy and Microeconomic Performance in Inter-War Europe, 330-31.
77 Die Bilanzen, 14 May 1927, 376-77.
78 Berend and Ránky, The Hungarian Economy in the Twentieth Century, 54.
79 Die Bilanzen, 12 July 1930, 471.
80 Compass Ungarn 1935, 489-90.
81 Resch, Industriekartelle in Österreich vor dem Ersten Weltkrieg, 134.
82 Berend and Ránky, The Hungarian Economy in the Twentieth Century, 56.
83 Johannes Jetschgo et al., Österreichische Industriegeschichte 1848 bis 1955 (Vienna: Ueberreuter, 2004), 169.
84 Neue Wiener Bankgesellschaft.
85 Die Bilanzen, 2 Nov. 1929, 56.
86 Weber, “Vor dem großen Krach,” 451.