The deutschmark

Germany’s post-war recovery was no economic miracle

Lord Macaulay wrote that ‘during the century and a half which followed the Conquest there is, to speak strictly, no English history’, because everything in England was decided by an elite who spoke French. This, of course, makes it one of the most fascinating and overlooked parts of our national story.By a similar token, the years 1945-1955 have been neglected by German scholars, because their national history, in Macaulay’s terms, also did not properly exist. Germany, prostrate, shorn of its ancient east, its fate as yet undecided, was entirely run by occupying powers. Yet, as Harald Jähner argues, this is the very era which defined modern Germany. His Aftermath is