Carl-Ludwig Holtfrerich is Professor of Economics and Economic History at John F. Kennedy Institute for North American Studies of the Freie Universität Berlin. He is the author of The Great German Inflation 1914 to 1923 (1986) and has published extensively on business and banking history as well as domestic and foreign economic-policy issues. He is the recipient of The Financial Times/Booz-Allen & Hamilton Global Business Book Award and the Helmut Schmidt Prize in German-American Economic History at the German Historical Institute in Washington DC.