Rising global protectionism choked off German exports after 1929.

Evidence

Germany’s export industries suffered as protectionism surged after 1929. New tariffs and difficulties in obtaining export financing translated into rapidly falling sales of German products abroad, especially during the early years of the crisis (Eichengreen, 1992). — Sebastian Doerr et al., Financial Crises and Political…, 50

Categorization

• XREF: connects to: Germany’s 2008-09 recession was driven almost entirely by collapsing exports — Mark Blyth, Austerity: The History of a Dangerous…, 156; Fed rate hikes in 1928 reversed capital flows and triggered austerity in Germany. — Mark Blyth, Austerity: The History of a Dangerous…, 502; Germany’s post-2009 worry was export demand, not bank losses (+1 more)

Broader Connections

• Germany’s 2008-09 recession was driven almost entirely by collapsing exports #exemplifies (0.78) — Mark Blyth, Austerity, 156
• Germany’s post-2009 worry was export demand, not bank losses #exemplifies (0.76)
• Fed rate hikes in 1928 reversed capital flows and triggered austerity in Germany. #qualifies (0.72) — Mark Blyth, Austerity, 502
• French reliance on German reparations forced interest-driven deficits and inflation. #complicates (0.71) — Mark Blyth, Austerity, 546