Emil Lederer · 1920
In this recorded commission intervention, Lederer argues that rejecting a state guarantee imposes the strongest pressure on the coal association to operate economically:
Ganz gewiß ist durch diese Ablehnung der Staatsgarantie der stärkste Druck auf die Kohlengemeinschaft gegeben, rationell zu wirtschaften, weil eine Defizitwirtschaft die Strafe des Untergangs sofort nach sich zieht.
English translation: Certainly, this rejection of the state guarantee puts the strongest pressure on the coal association to operate economically, because operating at a deficit immediately brings the penalty of collapse.
His argument makes institutional survival the incentive for economic discipline: without the guarantee, deficits threaten the association’s continued existence. The brief intervention states this causal claim without elaborating its practical consequences.
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