Adolf Weber's Munich School of Economics and Its Influence on the Early Bundesbank: The Example of Bernhard Benning
从经济思想史角度分析德意志联邦银行早期历史，以伯恩哈德·本宁为例，说明其受阿道夫·韦伯的古典自由主义而非秩序自由主义影响，早期联邦银行因此偏好固定汇率和商业投资视角。
Abstract This article analyzes the early years of the history of the Bundesbank from a history of economic thought perspective. The study uses the example of Bernhard Benning, who headed the Economics Department of the Reichs-Kredit-Gesellschaft, one of the major banks owned by the German Reich during the National Socialist era. After the war Benning was appointed a member of the board of directors of the Deutsche Bundesbank for twenty-two years. As a student of Adolf Weber and his Munich school of economics, Benning's views were shaped by classical liberal rather than ordoliberal ideas. His legitimacy in postwar Germany stemmed from his public opposition to war financing and warnings about inflation during the Donner-Benning Debate of 1942–43. In this tradition, the early Bundesbank was Weberian rather than ordoliberal, so, for instance, fixed exchange rates were favored, and a strong business and investment perspective was adopted.