A fascinating account of the economic transformation of Germany under the Nazis, the repression & distortion of the German economy, the strategic confusion & ignorance of their best options revealed by shifting armament priorities (such as the underemphasis on tanks & overemphasis on surface ships), the difficulties imposed by exchange rates, how often Germany teetered on the brink of disaster, and how Hitler's constant focus on the danger of the American juggernaut guided his grand strategy; Nazi Germany's militarization based on debt induced competing arms races / instability an the country quickly (and only temporarily) became the deadliest shark in the European waters, which had to desperately keep swimming forward & taking insane gambles if it was not to choke to death on its own accumulated wastes & bad decisions, in the hopes that it could eat all its enemies before they woke up & ate it, and while the shark got a reprieve in Austria and then the freak victory in France, it eventually hit a wall in Russia and died after thrashing around for a while.

Tooze's account of WWII explains many otherwise baffling points for me, such as the focus on futuristic weapons or why Nazi Germany sought an alliance with Japan even at the cost of declaring war on the USA & striking FDR's shackles, why it invaded the USSR with less than an ultimate effort, and the economic consequences of its conquests (predictable to anyone who's read Tainter's The Collapse of Complex Societies). Particularly surprising is Tooze's description of how impoverished Germany was in comparison to rival countries (despite the gleaming technology and Blitzkrieg we associate with Nazi Germany, and the industrial conglomerates like IG Farben with Imperial Germany, most of Germany was still rural & unproductive, and the country abjectly dependent on imports to maintain its agriculture; Tooze includes a very telling anecdote: Ford Motors, when considering a plant in Germany, found that to give its blue-collar American workers their accustomed lifestyle would require expenses 4x that of normal blue-collar German workers; and horses will feature repeatedly throughout). Tooze also does a good job delineating how the Holocaust both exacerbated and helped with the severe labor & resource problems Nazi Germany began facing, and covers how it was a logical outcome of earlier policies: emigration failed because the German balance of payments did not allow for the Jews to leave with anything like their actual wealth, and unsurprisingly many Jews were not so fearful as to emigrate penniless, and starvation in camps was not far from the earlier Wehrmacht plan to make the conquest of the Ukraine pay by simply starving to death 30 million Slavs to free up food harvests. Indeed, given all the constraints and necessary imports in the 1930s and 1940s, one really has to wonder how contemporary Germany can be so wealthy and whether it really is due to labor reforms or thanks to the Euro...

One flaw is that Tooze freely goes from macro to micro, from the overall economy to very small subindustries or benchmarks, and it's easy to get lost. And while the book covers the international finance in enough detail to understand it (and things like why Schacht was the 'dark wizard of international finance'), I don't think he does as good a job as Lords of Finance, which should probably be read before Wages of Destruction so one understands the international gold standard, and the French and British actions in the inter-war period.