The archive.

German trade unions recovered members, won wage increases and gained official recognition during 1916–18—but how much power did these gains confer? In this instalment of his Sozialpolitische Chronik, Emil Lederer distinguishes organizational strength from workers’ capacity to secure adequate consumption, freedom of movement and political influence. Labour scarcity strengthened bargaining while military controls restricted mobility; higher money wages could not compensate for missing civilian goods. His statistical scrutiny accompanies a critical examination of union leaders’ cooperation with government and their increasingly contested authority among workers. Completed in autumn 1918 and published unchanged in 1920, the chronicle preserves an analysis made before demobilization transformed its conditions. It offers a concrete account of how institutional recognition and economic concessions could coexist with political subordination.

A state can define a monetary unit, but can it explain what that unit will buy? In this review of Kurt Singer’s Das Geld als Zeichen, Emil Lederer presses the gap between money’s legal validity and its purchasing power. He credits Singer’s insights into credit creation and economic fluctuations while questioning whether central-bank management can secure stability without a fuller account of the economy. The same demand for concrete explanation shapes his criticism of Singer’s cultural history: medieval debasement and postwar currency collapse require analysis of fiscal pressures and exchange relationships, not merely the invocation of an epoch’s spirit. The review offers a pointed distinction between recognizing that money is historically conditioned and explaining how particular economic conditions sustain—or undermine—it.