When Money Dies
Hyperinflation and institutional collapse.
Fergusson’s account of Weimar Germany’s hyperinflation is not primarily an economic history but an institutional one — the story of how a society’s coordination mechanisms break down when the unit of account that underlies all contracts, savings, and expectations loses its meaning. The collapse of money is the collapse of the social agreement that makes economic life possible, and this book makes that abstraction viscerally concrete.