West Germany was a strong ally of America and was largely capitalist, albeit with a large role for the government to keep a check on the free market. The unemployment rate at that point in time was close to 30%. The Third Reich in Power.
Germany's ascent to becoming a global economic power —known as the "German economic miracle" or Wirtschaftswunder—had its origins at the end of World War II when much of the country was in ruins. You can learn more about the standards we follow in producing accurate, unbiased content in our 6.9 to 7.5 million Germans had been killed, roughly 8.26 to 8.86% of the population (see also World War II casualties). PrintW. Schacht approved a figure of 35 billion Reichsmarks to be spent on military buildup over eight years.The enormous military buildup was financed to a large extent through deficit spending, including Mefo bills. Journal of Historical Review, 1990.Stallbaumer, L. M. "Frederick Flick's Opportunism and Expediency". He argued that they should support him in establishing a dictatorship because "private enterprise cannot be maintained in the age of democracy" and because democracy would allegedly lead to communism.The Nazis granted millions of marks in credits to private businesses.The rhetoric of the Nazi regime stated that German private companies would be protected and privileged as long as they supported the economic goals of the government - mainly by participating in government contracts for military production - but that they could face severe penalties if they went against the national interest. Unemployment peaked at 6 million during the final days of the Weimar Republic – near enough 33% of the nation’s working population. But it would be a long time before the two sides would be equal. Hitler appointed Hjalmar Schacht, a former member of the German Democratic Party, as President of the Reichsbank in 1933 and Minister of Economics in 1934. After a stint in World War I, Eucken started teaching at his alma mater. It combined indirect incentives, such as tax reductions, with direct public investment in waterways, railroads and highways.The Great Depression had spurred increased state ownership in most Western capitalist countries. But in October, just weeks after the new currency was introduced and price controls were lifted, that number was down to 4.2 hours per week.
Once he gained political influence, Erhard began to formulate a multi-pronged effort to bring West Germany's economy back to life.
The first "level of industry" plan, signed by the Allies on March 29, 1946, stated that German heavy industry was to be lowered to 50% of its 1938 levels by the destruction of 1,500 listed manufacturing plants. The policies he inherited included a large public worksprogram… In January 1946 the Allied Control Councilset the foundation of the future German economy by putting a cap on German steel production capacity: the maximum allowed was set at about 5,800,000 tons of steel a year, equivalent to 25% of the prewar production level. However, the success of the Marshall Plan has been debated by economic historians. In short, Germany was a ruined state facing an incredibly bleak future. No state will be able to withdraw or even remain at a distance from this historical conflict...It is not the aim of this memorandum to prophesy the time when the untenable situation in Europe will become an open crisis.
The Treaty of Versailles imposed harsh terms on Germany. Karl Marx was a 19th century philosopher, author and economist famous for his ideas about capitalism and communism. The type of economic system Eucken was proposing may sound completely normal today, but at the time it was seen as pretty radical.
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german economy after world war 2