Nonetheless, once the Nazis ended austerity and abandoned gold (even if they did this more through exchange controls than through devaluation), growth returned. That this turn against austerity took a particularly murderous direction in Germany does not invalidate the basic point that austerity didn't work. In fact, the point that really needs to be recognized is that repeated rounds of austerity policy, plus the ideological intransigence of the Social Democrats, helped to bring Hitler to power far more than any memory of inflation a decade earlier.

Mark Blyth, Austerity, loc. 533