In 1921 Austria became the first interwar European country to experience hyperinflation. The League of Nations, among other actors, stepped in to help reconstruct the economy, but a decade later Austria’s largest bank, Credit-Anstalt, collapsed. Historians have correlated these events with the banking and currency crisis that destabilized interwar Europe—a narrative that relies on the claim that Austria and the global monetary system were the victims of financial interlopers. In this corrective history, Nathan Marcus deemphasizes the destructive role of external players in Austria’s reconstruction and points to the greater impact of domestic malfeasance and predatory speculation on the nation’s financial and political decline.

Consulting sources ranging from diplomatic dossiers to bank statements and financial analyses, Marcus shows how the League of Nations’ efforts to curb Austrian hyperinflation in 1922 were politically constrained. The League left Austria in 1926 but foreign interests intervened in 1931 to contain the fallout from the Credit-Anstalt collapse. Not until later, when problems in the German and British economies became acute, did Austrians and speculators exploit the country’s currency and compromise its value. Although some statesmen and historians have pinned Austria’s—and the world’s—economic implosion on financial colonialism, Marcus’s research offers a more accurate appraisal of early multilateral financial supervision and intervention.

Illuminating new facets of the interwar political economy, Austrian Reconstruction and the Collapse of Global Finance reckons with the true consequences of international involvement in the Austrian economy during a key decade of renewal and crisis.

Legend has it that twenty miles of volcanic rock rising through the landscape of northern Bohemia was the work of the devil, who separated the warring Czechs and Germans by building a wall. The nineteenth-century invention of the Devil’s Wall was evidence of rising ethnic tensions. In interwar Czechoslovakia, Sudeten German nationalists conceived a radical mission to try to restore German influence across the region. Mark Cornwall tells the story of Heinz Rutha, an internationally recognized figure in his day, who was the pioneer of a youth movement that emphasized male bonding in its quest to reassert German dominance over Czech space.

Through a narrative that unravels the threads of Rutha’s own repressed sexuality, Cornwall shows how Czech authorities misinterpreted Rutha’s mission as sexual deviance and in 1937 charged him with corrupting adolescents. The resulting scandal led to Rutha’s imprisonment, suicide, and excommunication from the nationalist cause he had devoted his life to furthering. Cornwall is the first historian to tackle the long-taboo subject of how youth, homosexuality, and nationalism intersected in a fascist environment. The Devil’s Wall also challenges the notion that all Sudeten German nationalists were Nazis, and supplies a fresh explanation for Britain’s appeasement of Hitler, showing why the British might justifiably have supported the 1930s Sudeten German cause. In this readable biography of an ardent German Bohemian who participated as perpetrator, witness, and victim, Cornwall radically reassesses the Czech-German struggle of early twentieth-century Europe.

Winner, 2022 SSA Best Book Prize
The so-called Slovak question asked what place Slovaks held—or should have held—in the former state of Czechoslovakia. Formed in 1918 at the end of World War I from the remains of the Hungarian Empire, and reformed after ceasing to exist during World War II, the country would eventually split into the Czech Republic and Slovakia after the “Velvet Divorce” in 1993.

In the meantime, the minority Slovaks often clashed with the majority Czechs over their role in the nation. The Slovak Question examines this debate from a transatlantic perspective. Explored through the relationship between Slovaks, Americans of Slovak heritage, and United States and Czechoslovakian policymakers, it shows how Slovak national activism in America helped the Slovaks establish a sense of independent identity and national political assertion after World War I. It also shows how Slovak American leaders influenced US policy by conceptualizing the United States and Slovakia as natural allies due to their connections through immigration. This process played a critical role in undermining attempts to establish a united Czechoslovakian identity and instead caused a divide between the two groups, which was exploited by Nazi Germany and then by other actors during the Cold War, and proved ultimately to be insurmountable.