“The Oligarchs Who Came to Regret Supporting Hitler”

Historian Timothy Ryback, the author of Takeover: Hitler’s Final Rise to Power who also wrote the popular article How Hitler Dismantled a Democracy in 53 Days, has a new piece in The Atlantic about Adolf Hitler’s relationship with the rich German industrialists who helped him rise to power, many of whom subsequently “ended up in concentration camps”.

The parallels to the present political situation in the US start right in the first paragraph:

He was among the richest men in the world. He made his first fortune in heavy industry. He made his second as a media mogul. And in January 1933, in exchange for a political favor, Alfred Hugenberg provided the electoral capital that made possible Adolf Hitler’s appointment as chancellor. Before Hugenberg sealed his pact with Hitler, a close associate had warned Hugenberg that this was a deal he would come to regret: “One night you will find yourself running through the ministry gardens in your underwear trying to escape arrest.”

And from later in the piece, he describes how German businessmen participated in enslavement and murder:

For the industrialists who helped finance and supply the Hitler government, an unexpected return on their investment was slave labor. By the early 1940s, the electronics giant Siemens AG was employing more than 80,000 slave laborers. (An official Siemens history explains that although the head of the firm, Carl Friedrich von Siemens, was “a staunch advocate of democracy” who “detested the Nazi dictatorship,” he was also “responsible for ensuring the company’s well-being and continued existence.”)

These companies did this in service of the bottom line, in keeping with Milton Friedman’s doctrine of shareholder value. Friedman’s idea that the primary social responsibility of business is to increase its profits, along with the Corleone doctrine of “it’s just business”, still holds sway in boardrooms & C-suites across America, nowhere more so than in Silicon Valley. We’ll see how it works out for them.

• Adolf Hitler
• Alfred Hugenberg
• business
• Milton Friedman
• politics
• Timothy Ryback