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https://www.alternatehistory.com/discussion/showthread.php?p=11425399
https://books.google.com/books?id=8KhKCAAAQBAJ&pg=PT219&dq=Hitler%27s+Shadow+Empire&hl=en&sa=X&ved=0CBwQ6AEwAGoVChMI-cWi256syAIVyJSICh35lAvW#v=onepage&q=Hitler%27s%20Shadow%20Empire&f=false
Based on a chat thread I did yesterday on a new book about the pre-WW2 economic empire Hjalmar Schacht had created in Europe before he was ousted. Effectively Schacht have leveraged German economic influence to establish a resource empire in and out of Europe, a Neo-Weltpolitik that without war was set to achieve German economic hegemony in certain regions (IOTL part of Latin America, the Balkans, Spain), while tying in certain economies like Poland and China with German needs. Later that would be extended to trade with the USSR. But in 1936 Goering was appointed to take over the economy as part of the 4 year plan and marginalized Schacht as his efforts.

What if the Nazis fell off for some reason and Schacht gets his way, what would that economic hegemony look like without WW2? I suppose as a POD we could have Hitler die in 1936 after the Rheinland reoccupation due to Dr. Morrell's injections leaving Goering in charge (the least objectionable Nazi at the time to the German elite, who had yet to be dismantled), who, being more cautious than Hitler, opts to follow Schacht's plan for shadow empire and tempers rearmament to stimulate exports. So rearmament still happens, but at a slower pace and with more effort to use exports as a plan to secure a trade system outside of the Anglo-French and America systems. Support for the Spanish continues as it does for China due to their valuable mineral exports to Germany and the uselessness of Japan to Germany's economy. Goering takes a similar proactive position on Austria, annexing it in 1938 to expand German influence in the Balkans, but is more cautious on the Czech question and Poland. Later trade with the USSR is stimulated to boost cheap imports and get a market for exports. Greater control over Balkans and Central European markets without the overt military threats of OTL then happens as a result and Goering is more content with establishing economic hegemony in Europe via trade policy rather than war because of the falling influence of the Nazi party and stronger position of the traditional elites (industrialists, military, bureaucracy) because without Hitler the public isn't as on board with Goering to do the stuff Hitler did to nazify the country.

Schacht's policy of free floating the currency, subsidizing exports, and trying to conquer weaker nation's markets in the context of the broken international economic system of the 1930s is policy then instead of Hitler's overt military domination of Europe. What happens then through the 1930s-40s without war and Schacht moving to establish control via trade policy? China I think would be highly interesting because Schacht was very much interested in working with them economically because they were such a valuable import/export market:
https://en.wikipedia.org/wiki/Sino-...til_1941#Sino-German_cooperation_in_the_1930s
The Chinese delegation arrived at Berlin on June 9, 1937. Kung met Hans von Mackensen on June 10 (von Neurath was visiting eastern Europe); during the meeting, Kung pointed out that Japan was not a reliable ally for Germany, as he believed that Germany had not forgotten the Japanese invasion of Tsingtao and the Pacific Islands during World War I. China was the real anti-communist state and Japan was only "flaunting". Von Mackensen promised that there would be no problems in Sino-German relationships so far as he and Neurath were in charge of the Foreign Ministry. Kung also met Schacht on the same day. Schacht explained to him that the anti-Comintern pact was not a German-Japanese alliance against China. Germany was glad to loan China 100 million Reichsmark and they would not do so with the Japanese.[21]

Kung visited Hermann Göring on June 11; Göring told him he thought Japan was a "Far East Italy" (referring to the fact that during World War I Italy had broken its alliance and declared war against Germany), and Germany would never trust Japan.[22] Kung asked Göring "Which country will Germany choose as her friend, China or Japan?", and Göring said China could be a mighty power in the future and Germany would take China as friend.

Kung met von Blomberg on the afternoon of June 13 and discussed the execution of 1936 HAPRO Agreement. Under this agreement, the German Ministry of War loaned China 100 million Reichsmarks to purchase German weapons and machines. In order to repay the loan, China provided Germany with tungsten and antimony.

The most important industrial project from Sino-German cooperation was the 1936 Three-Year Plan, which was administered by the Chinese government's National Resources Commission and the Hapro corporation. The purpose of this plan was to create an industrial powerhouse capable of resisting Japan in the short run, and to create a center for future Chinese industrial development for the long run. It had several basic components such as the monopolization of all operations pertaining to tungsten and antimony, the construction of the central steel and machine works in provinces such as Hubei, Hunan, and Sichuan, and the development of power plants and other chemical factories. As outlined in the 1934 barter agreement, China would provide raw materials in return for German expertise and equipment in setting up these ventures. Cost overrun for these projects was partly assuaged by the fact that the price of tungsten had more than doubled between 1932 and 1936.[24] Germany also extended RM 100 million line of credit to the Chinese government. The Three-Year Plan also introduced a class of highly educated technocrats who were trained to run these state-owned projects. At the height of this program, Sino-German exchange accounted for 17% of China's foreign trade and China was the third largest trading partner with Germany. The Three-Year Plan had many promises, but much of its intended benefits would eventually be undermined by the breakout of full-scale war with Japan in 1937.[25]
https://en.wikipedia.org/wiki/Hjalmar_Schacht#Involvement_with_the_Nazi_party_and_government
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