Through an archive-based study of the political and financial history of the 1920s, this book examines how and why international capital teamed up with the League of Nations to bail out the Austrian state after the First World War, and what consequences the intervention carried for Austrian politics and finance. While the existing literature on the League of Nations sees the organization's intervention during the 1920s as mostly positive and successful, Austrian historians decried it as a financial dictatorship that ended in disaster. In contrast, the book claims that while the League of Nations' involvement was essentially responsible for terminating Austrian hyperinflation in 1922, its representatives remained largely immobilized in Vienna, with the Austrian government in control. The League ceased its involvement Austria in 1926, though aware of the latter's financial and political instability. The subsequent collapse of the Austrian Credit-Anstalt bank in 1931, however, was successfully contained with international help within just a few weeks. Thus, it could not have triggered and was not responsible for the larger European banking panics in Germany and Britain that summer.--

This is a masterful survey of Austria's controversial place at the heart of European history. From the Reformation through the Napoleonic and Cold Wars to European Union, a superb history of Austria's central role in uniting Western civilization is covered. 24 pages of photographs and maps are included. "Connoisseurs of Austria and its delightful and infuriating inhabitants will agree that Mr. Brook-Shepherd has got it just about right.'—The Wall Street Journal "Engrossing, elegantly written history.'—Publishers Weekly

The historian Lonnie Johnson provides in compact form a comprehensive overview of Austria's rich past and present. Each chapter and subchapter approaches Austria's diverse, thousand-year-old heritage from a different perspective to illuminate its essential features. In detailing Austria's turbulent history from 1918 to the present, controversial issues are presented objectively and without oversimplification. Overall the book conveys a differentiated picture of the country and its people which gives readers a feeling for the continuity and change of the Austrian idea.